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Spir Group ASA
Quarterly Report • May 13, 2025
3742_rns_2025-05-13_d13c3279-e171-42f1-9c28-04121d1eaa0a.pdf
Quarterly Report
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Interim report Q1 2025
Spir Group ASA
13 May 2025
| Q1 2025 Highlights 3 | |
|---|---|
| Comments from the CEO 4 | |
| Financial review 7 | |
| Consolidated financial statements 17 | |
| Notes to the consolidated financial statements 21 | |
| Alternative performance measures 35 | |
| Appendix 37 |
Q1 2025 Highlights
- Solid quarter with strong revenue growth and improved operational profitability
- Overall revenue growth of 20% to MNOK 316 compared with Q1 2024
- o 24% growth (19 % organic) in the Real Estate business area to MNOK 243 following high activity in the property market and MNOK 10 in new revenue from iVerdi
- o Steady organic growth of 3% to MNOK 69 in Public Administration, with ARR growth of 8% in the quarter
- o Annual recurring revenue (ARR) within the Group of MNOK 439 at the end of Q1 2025, up 10 percent from Q1 2024
- 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 with 17% EBITDA-margin
- Cash EBITDA of MNOK 30, up MNOK 20 from Q1 2024
- Continue to see capex at MNOK 90-95 for FY 2025
- The non-cash impairment loss of MNOK 4 is related to previously capitalized internal development costs that are derecognized and expensed following a reassessment by management
- Operating profit of MNOK 7 up from MNOK 1 in Q1 2024
- Financial income in Q1 2025 of MNOK 3 is MNOK 8 lower than one year earlier. In the quarter there was a loss in the fair value of interest rate swaps of MNOK 1 in contrast to a gain in fair value of interest rate swaps of MNOK 7 in Q1 2024. Financial expenses of MNOK 18 are at the same level as one year earlier
- Net income in Q1 2025 of MNOK -9 compared to MNOK -6 in Q1 2024 following lower financial income and increased depreciation and amortization
- Reduced NIBD from MNOK 708 at 31.12.2024 to MNOK 581 as of 31.3.2025 including leasing
- Improved cash position of MNOK 93 as of 31.3.2025, up from MNOK 43 at 31.12.2024
| MNOK | Q1 2025 | Q1 2024 | Change % | FY 2024 |
|---|---|---|---|---|
| Revenue | 315.8 | 263.2 | 20 % | 1 127.1 |
| Real Estate | 243.3 | 196.1 | 24 % | 857.5 |
| Public Administration | 68.9 | 67.1 | 3 % | 269.5 |
| Other/elimination | 3.6 | 0.0 | NA | 0.1 |
| Gross Profit | 194.3 | 160.5 | 21 % | 690.9 |
| Gross margin % | 62 % | 61 % | 61 % | |
| Adjusted EBITDA | 52.3 | 34.7 | 51 % | 212.6 |
| Adjusted EBITDA % | 17 % | 13 % | 19 % | |
| Other income and expenses1 | 1.7 | 1.8 | -5 % | 19.6 |
| EBITDA | 50.5 | 32.8 | 54 % | 193.0 |
| EBITDA % | 16 % | 12 % | 17 % | |
| Capex | 20.7 | 23.3 | -11 % | 98.5 |
| Cash EBITDA | 29.9 | 9.5 | 214 % | 94.5 |
Q1 2025 results in brief
1)Other income and expenses consist of acquisitions costs, other M&A and integrations costs, restructuring, divestment, and onetime advisory costs. Details in "Specification of other income and expenses" page 36.
Comments from the CEO
We are pleased to report a robust start to the year with solid revenue growth and enhanced financial metrics. In Q1 2025, revenues increased 20 percent compared to the same quarter last year to NOK 316 million, while EBITDA improved 54 percent to NOK 51 million. The growth was driven by higher activity in the real estate market, an improved product offering, as well as steady organic growth within public administration.
The Spir companies provide mission-critical software and data across two core business areas – real estate and public administration – holding market leading positions in areas containing a high share of recurring revenue. Our run rate annual recurring revenue (ARR) increased by 10 percent in Q1 2025 compared to the same quarter last year to NOK 439 million. Meanwhile, Spir Group's Cash EBITDA increased by 20 million, reaching NOK 30 million.
Our real estate business area performed particularly well in the first quarter, as revenues grew 24 percent compared to a year ago. The number of properties put up for sale increased by 28 percent in Norway, positively impacting Ambita and iVerdi, with the former growing revenues by 29 percent in the first quarter of 2025. As a leader in the digitalization of real estate transactions, Ambita has successfully upheld its strong market position in an environment marked by strong competition and rapid technological advancements.
Boligmappa continues its strong growth trajectory. Revenues grew by 24 percent in the quarter, driven by the successful launch of new B2C products. With more than 1 million unique users and a run rate ARR of NOK 55 million, Boligmappa holds an attractive position as the preferred database for property information for private homes.
In Sweden, open data (high-value datasets) was implemented as part of an EU directive from February 2025. As a result, large parts of data costs (COGS) within geodata have disappeared, impacting revenues negatively but gross profit positively. Metria still grew revenues by 4 percent in the quarter, while gross profit grew 12 percent. We are focused on improving Metria's gross profit further throughout 2025 and remain optimistic about the opportunities that open data presents. It is also encouraging to note that the number of properties sold in Sweden rose by 7 percent during the quarter, further benefiting Metria.
The strong performance in our real estate segment is not solely driven by increased market activity, we are also beginning to see clear benefits from our strategic initiatives. The acquisition of Unbolt, now rebranded as Spir Data, and its subsidiary iVerdi last year has strengthened our position by adding widely used software and analytical tools for real estate appraisers across Norway. This has enabled us to offer a more comprehensive suite of services and unlock valuable cross-selling opportunities.
Our public administration service, operating through Sikri, continues to maintain a steady rate of organic growth. Sikri continues to operate with high margins and a commercial momentum, while Cash EBITDA grew 50 percent to NOK 14 million. Sikri operates with long contracts, low churn and an increasing share of subscription revenues.
Looking ahead, a key priority for Spir Group will be to further strengthen our overall Cash EBITDA. The strategic measures we have implemented are already yielding solid results, yet we see untapped potential. The start of 2025 marks a positive step forward, and I look forward to building on this momentum and leveraging our strong market positions!
Best regards,
Per Haakon Lomsdalen CEO of Spir Group
About Spir Group
Spir Group (or "the company"), delivers missioncritical software and data within two main business areas– Real Estate and Public Administration
Within Real Estate, Spir Group offers specialized and niche software and data to streamline real estate processes in Norway and Sweden. When a property is sold, banks, real estate agents, appraisers, and insurance companies use a variety of digital solutions and data from Spir Group. The Company's services are used in 9 out of 10 real estate transactions in Norway, and in Sweden, Spir Group is the number one provider of real estate and geo-information. In addition, the Company helps digitize real estate processes still digitally immature, i.e. development of new properties and management and renovation of existing housing.
Spir Group is one of Norway's leading Public Administration software providers, delivering solutions for case management, archiving, quality management and internal control systems to the public sector in Norway. Spir Group's software systems ensure that public entities comply with Norwegian laws and regulations. The public sector market is known for its high level of recurring revenue, long-term contracts, and minimal churn.
Based on deep domain knowledge, broad and unique datasets, and modern technology platforms, the Spir companies are market leaders in their respective business areas. Spir Group has a significant footprint, delivering mission-critical software to a wide variety of customers within the public and private sector. The customers range from municipalities, governmental agencies, real estate agents, banks, insurance companies, appraisers, property developers, media companies, builders, property owners, engineers, power companies, and building materials production companies. The key underlying driver for our development is the pressing need for accelerated digitization of complex processes.
Spir Group delivers its offerings like recurring subscriptions, transaction-based data & software sales, and consulting services. The subscriptionbased revenues are primarily based on Softwareas-a-Service licenses to customers, characterized by long-term contracts and low churn. Transaction based revenues are driven by the developments in the real estate markets in Norway and Sweden, particularly properties put up for sale, properties sold and the volume of new housing projects. Revenue from consulting constitutes a small part of total revenue in Spir Group, but our consulting service is an important success factor for implementation and utilization of our data and solutions.
The Spir Group companies, totaling 363 full-time employees in addition to 67 external consultants, provide unique competence and data. Our commitment lies in our team of professionals with extensive industry expertise leveraging artificial intelligence, data, and technology to optimize the everyday activities of our clients.
Spir Group is dedicated to being a leading partner in the green transition. We achieve this through the facilitation of data and technical solutions, digitizing processes mandated by law that were once manual and time-consuming. By ensuring the reuse of data and implementing near-complete digitization of processing chains, Spir Group replaces traditional paper-based methods with fully digital solutions. Spir Group operates within international frameworks and adheres to best practices, meeting all requirements pertaining to social issues and corporate governance.
Spir Group's ambition is to become the leading Nordic player within its business areas, expanding on the existing number one positions established in Norway and Sweden. The Group seeks to grow through a combination of organic growth and bolton acquisitions, strengthening and broadening the Group's offerings to existing customers and geographically.
Spir Group companies
Real Estate
Ambita – Ambita is a Norwegian company offering digital solutions based on real estate data. Ambita provides professional players involved in developing, buying, and selling property with crucial services securing quality, transparency, and efficiency in their workflows. The portfolio of services is based on a combination of unique datasets and deep domain knowledge and includes Infoland with agent documents, digital registration services, digital building applications and a range of other services.
Boligmappa – Boligmappa is a Norwegian company delivering a digital platform where property owners can take control of the value, condition, and documentation of their property and where craftsmen and other professionals can register work and documentation on the property required by law. By the services offered, homeowners have access to key tools for securing and developing what for most consumers represents their largest investment - both when owning, selling, and buying a home. 4Cast Media AS was merged with Boligmappa in December 2024.
Metria – Metria is a Swedish company offering services and solutions within geodata, property & real estate, consultancy & analysis, and cloud solutions. The acquisition of Metria in 2022 allowed Spir Group to gain a strong position in Sweden and strengthened the company competitively, geographically and from a product offering and competence perspective.
Spir Data – Spir Data is a Norwegian company delivering insight, analytics and data-as-a-service. With a broad range of structured property related data sources in a Nordic data platform, Spir Data provides a broad range of data deliveries and services including risk, renovation cost, energy, construction procurement and condition.
iVerdi – iVerdi is a Norwegian company delivering Norway's most used professional software for valuation engineers. The software offers effective process support, data-driven quality assurance and a variation of different valuation reports and allows direct interaction and sharing of information between real estate agents and valuers' systems for increased security and efficiency. Spir Group holds 60% of the shares in iVerdi through Spir Data, the remaining 40% is owned by Norsk Takst.
Public Administration
Sikri – Sikri is a Norwegian company providing critical software solutions to the public sector for case processing, building applications, archiving, and document management with strong number one positions in its markets. These solutions create value for the Norwegian public sector through better collaboration, improved administration of documentation and data driven decision-making.
Other brands
In addition, Spir Group owns PixEdit AB, Unbolt AB, Unbolt ApS and Entelligence AS (60%), in addition to minority ownership in Supertakst AS, Prosper Ai AS and Simien AS, operating within real estate appraisal and energy software and data.
Financial review
Highlights
Actual figures
| NOK 1 000 | Q1 2025 | Q1 2024 | Change % | FY 2024 |
|---|---|---|---|---|
| Revenue | 315 834 | 263 224 | 20 % | 1 127 141 |
| Subscription | 106 672 | 101 639 | 5 % | 421 019 |
| Transaction-based | 165 056 | 123 031 | 34 % | 550 457 |
| Consulting | 35 733 | 33 286 | 7 % | 132 250 |
| Other | 8 373 | 5 268 | 59 % | 23 415 |
| Gross Profit | 194 325 | 160 514 | 21 % | 690 886 |
| Gross margin % | 62 % | 61 % | 61 % | |
| EBITDA | 50 548 | 32 830 | 54 % | 192 971 |
| EBITDA % | 16 % | 12 % | 17 % | |
| Other income and expenses | 1 737 | 1 835 | -5 % | 19 598 |
| Adjusted EBITDA | 52 285 | 34 665 | 51 % | 212 569 |
| Adjusted EBITDA % | 17 % | 13 % | 19 % | |
| Depreciation and amortization expenses | 39 494 | 32 172 | 23 % | 140 873 |
| Impairment losses | 3 766 | - | 1 821 | |
| Operating profit | 7 288 | 658 | 1008 % | 50 277 |
| Operating profit % | 2 % | 0 % | 4 % | |
| Financial income | 2 629 | 10 751 | -76 % | 66 101 |
| Financial expenses | -17 909 | -18 013 | -1 % | -65 916 |
| Net financial items | -15 280 | -7 261 | 110 % | 185 |
| Profit before income tax | -7 992 | -6 604 | 21 % | 50 462 |
| Income tax expense | 948 | -962 | -199 % | 7 695 |
| Profit from continuing operations | -8 940 | -5 642 | 58 % | 42 767 |
| Profit from discontinued operations | - | - | -8 064 | |
| Net income | -8 940 | -5 642 | 58 % | 34 703 |
The interim financial information has not been subject to audit. Specification of other income and expenses (OIE) see APM page 36.
Financial statement Q1 2025
Spir Group's overall revenue increased by 20% to MNOK 315.8 in Q1 2025 driven by strong growth in the Real Estate business area. The increase of MNOK 52.6 compared to Q1 2024 is attributable to organic growth of MNOK 42.8 (16% growth) and MNOK 9.7 in new revenue from iVerdi.
Subscription-related revenue has increased by 5% and is up MNOK 5.0 to MNOK 106.7 from Q1 2024. Run rate annual recurring revenue (ARR) of MNOK 439 is 10 percent higher than one year earlier. MNOK 16.4 of ARR is related to the new ARR from iVerdi. Following the implementation of Open data in Sweden, run-rate ARR in Metria is down 5%, although with increasing profitability. Transactionrelated revenue has increased by 34% to MNOK
165.1 and is up MNOK 42.0 from Q1 2024 driven by extraordinary high activity in the Norwegian real estate market with 28% more properties put out for sale compared with one year earlier. Consulting revenue is an important service to secure customer success and amounts to MNOK 35.7 in the quarter, up MNOK 2.6 from Q1 2024.
Gross profit in Q1 2025 of MNOK 194.3 is MNOK 33.8 higher than in Q1 2024 following growth in revenues with lower COGS and initiatives to improve margins across the revenue streams.
Personnel expenses amounted to MNOK 109.7 in Q1 2025 (35 percent of revenues), compared to MNOK 95.9 in Q1 2024 (36 percent of revenues). MNOK 1,1 of personnel expenses in Q1 2025 is non-recurring cost related to restructuring in the organization and attributed to other income and expenses (OIE), compared to MNOK 0.2 in Q1 2024. The increase in personnel expenses is related to annual wage adjustments in addition to MNOK 6.0 new personnel costs from iVerdi and Spir Data with subsidiaries.
Other operating expenses amounted to MNOK 34.1 (11 percent of revenue), compared to MNOK 31.8 (12 percent of revenue) in Q1 2024. There were MNOK 0.6 in non-recurring items attributed to OIE in Q1 2025, while MNOK 1.6 was defined as nonrecurring items in Q1 2024. MNOK 3.3 of the increase in other operating expenses is new cost from iVerdi and Spir Data with subsidiaries.
EBITDA was MNOK 50.5 in Q1 2025, an increase of 54% compared with the same quarter one year earlier. The EBITDA margin of 16% is 4 pt higher than one year earlier. EBITDA adjusted for OIE was MNOK 52.3 in Q1 2025, an increase of 51% from Q1 2024, with adj EBITDA-margin of 17 percent (13 percent).
As an innovative software house, the development of new functionality and new features on existing products to strengthen our market leading positions, and expansion of the product portfolio is vital for future growth. The capitalization of development costs was MNOK 20.7 in Q1 2025, which is MNOK 2.1 lower than in Q1 2024. The level of capitalization of development costs for FY 2025 is planned to be in the range of MNOK 90-95 compared to MNOK 115 in FY 2024 with full year effect of capex from the Unbolt-acquisition
Spir Group had depreciation and amortization expenses of MNOK 39.5 in Q1 2025, up from MNOK 32.2 in Q1 2024. The increase is related to higher amortization of intangible assets in addition to MNOK 6.6 related to iVerdi.
During the period, a write-down of NOK 3.7 million was recognized, relating to previously capitalized internal development costs. Upon reassessment, management determined that the recognition criteria under IAS 38 were not adequately met. As a result, the capitalized development costs have been derecognized and expensed through the income statement in Q1.
Operating profit (EBIT) was MNOK 7.3 in Q1 2025, compared to MNOK 0.7 in Q1 2024.
Financial income in Q1 2025 of MNOK 2.6 is MNOK 8.2 lower than one year earlier. In Q1 2024 the gain in fair value of interest rate swaps was MNOK 6.8 higher following increased NIBOR, while there was a loss of MNOK 0.7 in Q1 2025.
Financial expenses of MNOK 17.9 in Q1 2025 were at the same level as one year earlier.
Net income on Q1 2025 was MNOK -8.9 compared to MNOK -5.6 in Q1 2024.
Financial position
Spir Group's total assets at the end of March 2025 were MNOK 2,521.0 compared to MNOK 2,397.0 at the end of December 2024.
Cash at the end of March 2025 was MNOK 93.2 in addition to the available credit facility of MNOK 50.0 and RCF of MNOK 50.0.
Intangible assets amounted to MNOK 2,072.3 at the end of March 2025 compared to MNOK 2,089.3 at the end of December 2024. The decrease in intangible assets is due to the amortization of intangible assets which is partly offset by translation differences. Total receivables were MNOK 220.0 at the end of March, compared to MNOK 133.1 at year end 2024.
Spir Group's total liabilities were MNOK 1,260.8 at the end of March 2025 compared to NOK 1,137.4 million at the end of 2024. Current liabilities amounted to MNOK 564.3, while non-current liabilities were MNOK 696.5 at the end of March 2025.
Net interest-bearing debt (NIBD) as of 31.03.2025 was MNOK 581.9 of which lease liabilities comprise of MNOK 68.7. In comparison, NIBD at 31.12.2024 was MNOK 707.7 where lease liabilities comprise MNOK 72.7. The development mainly relates to installment of borrowing, repayment of RCF and increased cashflow from operating activities. The reduction in lease liabilities is related to the maturity development of the real estate rental agreements. 67.0 percent of interest-bearing debt as of 31.03.25 is covered by interest-rate swaps at favorable terms.
Spir Group's total equity was MNOK 1,260.2 at 31.03.25 and the equity ratio was 50.0 percent. At the end of 2024, the company's equity was MNOK 1,259.5, implying an equity ratio of 52.5 percent.
The share capital of Spir Group ASA was NOK 2,653,295.76 as of 31 March 2025, consisting of 132 644 788 ordinary shares with a nominal value of NOK 0.02.
Cash flow
Cash and cash equivalents at the end of March 2025 amounted to MNOK 93.2 compared to MNOK 43.1 at the end of December 2024.
A major share of the annual subscription revenue in Sikri AS is invoiced in advance in January, enhancing the cash position at the end of March.
Spir Group had a positive cash flow from operating activities of MNOK 164. in the quarter.
The cash flow from investing activities was negative with MNOK 22.0 in the quarter, mainly related to investments in development projects. Capitalized development costs in Q1 2024 were MNOK 24.3.
Cash flow from financing activities was negative with MNOK 91.9 in Q1 2025, following repayment of revolving credit facility and quarterly installment of borrowing (changed from semiannual from Q3 2024) and payment of interest.
Q1 2025 review per company
Ambita
| NOK 1 000 | Q1 2025 | Q1 2024 | Change % | FY 2024 |
|---|---|---|---|---|
| Revenue | 139.7 | 108.6 | 29 % | 481.8 |
| Subscription | 10.4 | 11.0 | -6 % | 42.2 |
| Transaction-based | 126.2 | 95.9 | 32 % | 432.0 |
| Other | 3.1 | 1.7 | 89 % | 7.6 |
| Gross Profit | 55.2 | 43.2 | 28 % | 206.9 |
| Gross margin % | 40 % | 40 % | 43 % | |
| Other income and expenses | - | - | ||
| Adjusted EBITDA | 20.4 | 12.9 | 58 % | 83.0 |
| Adjusted EBITDA % margin | 15 % | 12 % | 17 % | |
| Capex | 3.4 | 3.0 | 14 % | 14.9 |
| Cash EBITDA | 17.0 | 9.9 | 72 % | 68.2 |
In Q1 2025, revenues in Ambita increased by 29 percent to MNOK 139.7 compared to the same quarter in 2024, driven by strong development in the transaction-based real estate market. The first quarter of 2025 has been a quarter with historically high activity in the real estate market, even when adjusted for positive effect of Easter being in Q2 in 2025, with the number of properties put up for sale up 28% compared to Q1 2024, according to statistics from Eiendom Norge (the national organization for Norwegian realtors). Ambita has preserved its strong market position and thereby achieved exceptional growth in revenue compared to the first quarter of 2024.
For Ambita, revenue development is impacted by seasonality and market fluctuations and is highly correlated with the real estate market and the number of properties put up for sale with transaction-based revenue constituting a major part of revenues.
Although Ambita's sale of the user friendly and flexible version of Infoland "Meglerpakke" (information package for properties for sale) is not fully correlated with the number of properties put up for sale on a given month, a strong housing market in Q1, with high number of properties put up for sales, results in strong revenue-development in Q1. Ambita has successfully maintained its strong market position in a market environment characterized by high competition and rapid technological changes.
In addition to Infoland, Ambita offers a wide selection of products and services such as electronic signing and registration of documents, DaaS services related to Eiendomsregisteret and Byggesøknaden. In Q1 2025 Ambita has launched the Prosper sales assignment, an AI service that uses artificial intelligence to generate detailed property prospects. In 2025, Ambita will continue to drive transformative changes and digital advancement within the real estate sector, seeking to enhance the company's competitive advantage, reinforcing the strong market position that Ambita holds and improving margin as the real estate sector is digitalized.
After a long period with tough market conditions in the housing construction and commercial construction markets, the market is starting to show improvement. Commencement of new homes was up 31% in Q1 2025 compared to the same quarter last year. This has positively affected Ambita's business area "Eiendomsutvikling" (real estate development), where Byggesøknaden, Ambitas solution for building applications and neighbor notification, has seen a 19% growth in revenue compared to same quarter last year. Ambita is continuously working on driving innovation and digitalization within the real estate development sector, and it is expected that this sector will positively impact Ambita's revenue and margin as market conditions are improving
Annual recurring revenue (ARR) at the end of March was MNOK 43.
Ambita delivered adj. EBITDA of MNOK 20.4 in the first quarter 2025, which is up 58% from one year earlier, implying an adj. EBITDA-margin of 15 percent. The capex of MNOK 3.4 is MNOK 0.4 higher compared to one year earlier and will vary with type of ongoing development projects. Cash EBITDA for Q1 2025 is MNOK 17.0 and up 72% from one year earlier.
Boligmappa
| NOK 1 000 | Q1 2025 | Q1 2024 | Change % | FY 2024 |
|---|---|---|---|---|
| Revenue | 16.5 | 13.3 | 24 % | 58.1 |
| Subscription | 13.8 | 12.2 | 12 % | 51.6 |
| Transaction-based | 2.7 | 1 | 6.3 | |
| Consulting revenues | 0.0 | - | - | |
| Other | 0.0 | 0.1 | -100 % | 0.2 |
| Gross Profit | 16.2 | 13.1 | 24 % | 58.4 |
| Gross margin % | 99 % | 99 % | 100 % | |
| Other income and expenses | - | - | - | |
| Adjusted EBITDA | 3.5 | -2.7 | 0.1 | |
| Adjusted EBITDA % margin | 21 % | -21 % | 0 % | |
| Capex | 5.3 | 5.2 | 2 % | 19.7 |
| Cash EBITDA | -1.8 | -7.9 | -78 % | -19.6 |
The Q1-2024 numbers have been restated following the merger with 4CastMedia AS on 1 January 2024
In Q1 2025, revenues in Boligmappa amounted to MNOK 16.5, an increase of 24% compared to Q1 2024.
A major part of revenue in Boligmappa is subscription revenue towards B2B. At the end of Q1 2025, the run rate annual recurring revenue (ARR) was MNOK 55.3 which is an increase of 12 percent compared to one year earlier.
Transaction-based revenues of MNOK 2.7 are related to new product launched late 2023 directed towards the consumer market leveraging Boligmappa's substantial volume of homeowners, now slightly above 1 000 000 registered users. The products are subscriptions, but with monthly renewal and therefore not included in ARR run rate. MNOK 0.7 of the total MNOK 2.7 in transaction revenues for Q1 relates to product portfolio from 4CastMedia AS (content marketing).
Adjusted EBITDA for the first quarter ended at MNOK 3.5, up from MNOK -2.7 in first quarter 2024.
Profitability is increasing and cash EBITDA of MNOK -1.8 is up from MNOK -7.9 in first quarter 2024.
Boligmappa continues to explore new revenue streams and partnerships. These efforts include development of the company's solutions, expansion of functionality, refinement of user interfaces, increased emphasis on market visibility, and readiness for upcoming revenue models. Boligmappa's services are increasingly gaining attention from the media, politicians, industry associations and significant industrial players withing the banking and insurance sector. As a result of the merger of 4CastMedia AS in December 2024, new market opportunities are identified, strengthening Boligmappa's position going forward.
Metria
| NOK 1 000 | Q1 2025 | Q1 2024 | Change % | FY 2024 |
|---|---|---|---|---|
| Revenue | 77.4 | 74.4 | 4 % | 304.6 |
| Subscription | 27.2 | 29.6 | -8 % | 118.4 |
| Transaction-based | 29.1 | 25.5 | 14 % | 105.5 |
| Consulting revenues | 20.2 | 18.8 | 7 % | 76.9 |
| Other | 1.0 | 0.5 | 77 % | 3.8 |
| Gross Profit | 50.4 | 45.0 | 12 % | 183.8 |
| Gross margin % | 65 % | 60 % | 60 % | |
| Other income and expenses | 0.9 | 1.2 | -25 % | 8.3 |
| Adjusted EBITDA | 12.2 | 11.5 | 6 % | 51.0 |
| Adjusted EBITDA % margin | 16 % | 15 % | 17 % | |
| Capex | 3.0 | 6.8 | -56 % | 22.9 |
| Cash EBITDA | 8.3 | 3.6 | 128 % | 19.8 |
In Q1 2025, revenues in Metria were MNOK 77.4 which is 4 percent higher than in Q1 2024. In February, Open data (high-value datasets) was implemented in Sweden as part of an EU directive. The large part of data costs (COGS) within Geodata disappears because of Open data being implemented and impacting revenue negatively, but Metria's aim is to further improve the company's gross profit during 2025 and is positive to the possibilities that Open data may create. The first two months after the implementation of Open data has developed according to management's estimates, and gross profit has increased by 12% to MNOK 50.4, and the gross margin has increased from 60% in the first quarter 2024 to 65% in first quarter 2025.
Transaction-based revenue is highly correlated with the real estate market and number of properties sold and the size of mortgages taken out. Transaction-based revenue of MNOK 29.1 in Q1 2025 is up 15% from Q1 2024. The Swedish real estate market has picked up, impacting end user volumes within banking and finance positively.
Subscription revenue of MNOK 27.2 is down 8% from one year earlier. At the end of Q1 2025, the run rate annual recurring revenue (ARR) was MNOK 109 which is 5% lower compared to one year earlier, following impact of Open data.
Consulting revenues of MNOK 20.2 are up 7% compared with one year earlier mainly related to high demand for consulting services within ITsolutions.
Other revenue of MNOK 1.0 consists mainly of invoicing services for Group-companies.
Adjusted EBITDA was MNOK 12.2 in the quarter, up MNOK 0.7 from Q1 2024, resulting in an adj. EBITDA-margin of 16%. Capex has been reduced to MNOK 3.0 compared to one year earlier and will vary with type of ongoing development projects. Cash EBITDA for Q1 2025 of MNOK 8.3, up MNOK 4.7 from one year earlier (up 128%), driven by increased gross profit and reduced operational cost.
The Swedish currency has strengthened 2.5% versus NOK compared to previous year. Measuring revenue development in fixed currency rates gives 1.4% growth YoY adjusted EBITDA growth using fixed currency rate would be 3.9% quarter over quarter
The housing market in Sweden has for some time been characterized by a large supply of homes put up for sale. In Q1 2025, the number of homes sold has increased by 7% compared to the same period last year according to "Svensk Mäklarstatistik". Price development shows a stable but cautious market with small price movements.
Metria offers operational support through services like Metria maps and Markkoll. The energy and forestry industries are important customers. During Q1 Metria successfully won new customer agreements within the energy segment gaining traction with the company's SaaS products within land use.
Metria offers consulting services within IT-solutions and expert consulting within geographical information systems and remote sensing, mainly within the climate and nature domain. During Q1 2025, Metria has experienced high demand for its consulting services within IT-solutions.
Naturvårdsverket has previously ordered projects for the next version of operational support systems, which are production ready in Q2.
iVerdi
| NOK 1 000 | Q1 2025 | Q1 2024 | Change % | FY 2024 |
|---|---|---|---|---|
| Revenue | 9.7 | - | 13 | |
| Subscription | 2.2 | - | 5 | |
| Transaction-based | 7.1 | - | 7 | |
| Other | 0.5 | - | 1 | |
| Gross Profit | 8.0 | - | 9 | |
| Gross margin % | 82 % | 67 % | ||
| Other income and expenses | - | - | ||
| Adjusted EBITDA | 2.7 | 3 | ||
| Adjusted EBITDA % margin | 27 % | 24 % | ||
| Capex | 1.0 | - | 4 | |
| Cash EBITDA | 1.6 | - | -1 |
iVerdi owns the software Ivit, which is Norway's most used professional software for valuation engineers. The software offers effective process support, data-driven quality assurance and a variation of different valuation reports and allows direct interaction and sharing of information between real estate agents and valuers' systems for increased security and efficiency. iVerdi is consolidated from 28 August 2024.
In Q1 2025, iVerdi revenues amounted to MNOK 9.7. Run rate annual recurring revenue (ARR) from subscription services was MNOK 16.4 at the end of March 2025. Transaction-based revenues are related to revenue from condition reports and other valuation reports generated by more than 700 valuation companies in Norway. There was a 23 percent increase in reports in Q1 2025 compared to same period previous year. The increased number of reports is due to a higher number of homes for sale in Q1 and several new reports launched in 2024.
iVerdi has 13 employees in addition to 13 consultants in Sri Lanka. iVerdi has over the last years made significant investments into solutions which makes the interactions between real estate agents and valuation companies more effective and efficient.
Adjusted EBITDA in Q1 2025 is MNOK 2.7. Capex amounted to MNOK 1.0. Cash EBITDA in Q1 2025 is MNOK 1.6. Several initiatives are started to increase profitability in 2025. This together with lower CAPEX investments contribute positively to an improved Cash EBITDA.
iVerdi is fully consolidated from 26 August 2024.
Approximately 90 000 condition reports are generated through the iVerdi system every year, providing extensive information about the condition of Norwegian homes. Combined with data sources from other Spir group companies this will broaden Spir Group's real estate data coverage with unique information about the condition of Norwegian houses.
Sikri
| NOK 1 000 | Q1 2025 | Q1 2024 | Change % | FY 2024 |
|---|---|---|---|---|
| Revenue | 68.9 | 67.1 | 3 % | 269.5 |
| Subscription | 53.2 | 49.8 | 7 % | 203.7 |
| Consulting revenues | 15.5 | 14.4 | 8 % | 55.4 |
| Other | 0.1 | 2.9 | -95 % | 10.5 |
| Gross Profit | 64 | 59 | 9 % | 239.1 |
| Gross margin % | 93 % | 88 % | 89 % | |
| Other income and expenses | 0.5 | 0.2 | 109 % | 3.1 |
| Adjusted EBITDA | 22.7 | 18.1 | 25 % | 82.4 |
| Adjusted EBITDA % margin | 33 % | 27 % | 31 % | |
| Capex | 7.9 | 8.4 | -5 % | 34.1 |
| Cash EBITDA | 14.2 | 9.5 | 50 % | 45.2 |
In Q1 2025, Sikri had revenues of MNOK 68.9 up 3% from MNOK 67.1 in Q1 2024. Revenue from subscription sales increased by 7 percent to MNOK 53.2 following steady growth in annual recurring revenue (ARR). At the end of March 2025, run rate ARR was MNOK 215, an increase of 8 percent compared to one year earlier. The growth in the ARR is related to upselling and cross-selling within existing customers, in addition to new customers.
Subscription revenues have grown at a steady pace during the last years, driven by a stable and high win rate, and constitute in Q1 2025 77 percent of total revenues in Sikri, up from 74 percent in Q1 2024. About 87 percent of the customers in Sikri are now on cloud solutions, and the team works closely together with the remaining on-premises customers towards a planned cloud migration.
Consulting revenue up 8% compared to Q1 2024 due to easter effect as easter in 2024 was in March, while easter 2025 landed on April. Following Sikri's success with cloud migration of existing customers, there were fewer upgrade projects in Q1 2025 than one year earlier. The focus is on converting on-prem deliveries to ARR.
The gross margin is higher for subscription revenues than for consulting revenues, impacting gross profit positively. Gross profit increased by 9% to MNOK 64 with a gross margin of 93%.
The company's adj. EBITDA of MNOK 22.7 with adj. EBITDA margin of 33 percent is up 25% since Q1 2024.
The capex of MNOK 7.9 is MNOK 0.5 lower than one year earlier. The cash EBITDA of MNOK 14.2 in the quarter is 50% up compared to Q1 2024.
In the quarter Sikri won the tender for Indigo IKS (Hamar, Løten and– Stange). The value of the agreement for the first three years is MNOK 8.7, with several options for renewal and add-on sales, including 7 more municipalities.
Sikri submits offers on almost all public bids where its products or services fit and won 50% of the tenders submitted in the quarter (1 of 2) where the won tender; Indigo IKS, corresponds to 82% of total TCV.
Stavanger municipality, were won as a new customer for Sikri back in July 2024, went in production on the last day of Q1. Stavanger Municipality is one of the customers that not only see Sikri as a system provider, but emphasize the importance of strategic partnership, understanding -and connection between Sikri and the customer.
Sikri's AIoT platform collects and analyzes data from various types of sources, including real-time recordings from IoT devices and IoT sensors, as well as publicly available data sources and historical data. The partnership with Telenor for sales and distribution is in full speed and is already generating valuable leads.
Sales within the other product areas in Sikri continues to develop positively, and 2 customers within eByggesak has been onboarded during the quarter.
Other/elimination
| NOK 1 000 | Q1 2025 | Q1 2024 | Change % | FY 2024 |
|---|---|---|---|---|
| Revenue | 3.6 | -0.3 | 0.1 | |
| Gross Profit | 0 | 0.0 | -6.0 | |
| Other income and expenses | 0.3 | 0.4 | -15 % | 0.0 |
| Adjusted EBITDA | -9.2 | -4.7 | 95 % | -24.4 |
| Capex | 0.0 | 3.2 | ||
| Cash EBITDA | -9.5 | -5.1 | 86 % | -21.2 |
Management fees, amounting to 70-75% of the holding company's operating costs, are allocated to the subsidiaries. The remaining part is included in Other/elimination together with acquisition-related expenses, group eliminations, Spir Data AS and Entelligens (previous Energiportalen). Costs in Spir Data are mainly related to new initiatives to consolidate data and drive synergies and innovation across the real estate business area.
Outlook
Spir Group's outlook remains positive. The demand for secure and efficient IT solutions is growing across our two business areas, as customers increasingly seek to gain a competitive edge and to reduce costs by streamlining and digitizing their operations. Adding artificial intelligence to our existing products and services will be an important driver going forward as it may change our customers' needs going forward. We are actively working to leverage the advantages AI offers in both our current and future deliveries to our clients.
Transaction based revenues are mainly driven by the developments in the real estate markets in Norway and Sweden, particularly properties put up for sale (in Norway), properties sold (in Sweden) and the volume of new housing projects in both countries. The market conditions for property transactions fluctuate based on seasonality and general property buyer and seller sentiments. In Norway, the number of properties put out for sale in Q1 2025 increased by 28 percent compared to the same quarter last year according to "Eiendom Norge" ('Real Estate Norway'). The development was flat in April 2025 compared to April 2024, however, note that Easter was in April this year while in March last year. The number of properties put up for sale is expected to slow down throughout 2025 compared to the growth seen in the first quarter.
In Sweden, the number of homes sold has increased by 7 percent compared to the same period last year according to "Svensk Mäklarstatistik" ('Real Estate Broker Statistics Agency'). The price development shows a stable but cautious market with small price movements. The numbers are indicating that the Swedish real estate market is recovering following a few tougher years, which ultimately will have positive impacts for Spir Group's Swedish operations going forward, as also seen this quarter.
Revenue from consulting is an important success factor for implementation and utilization of our solutions. With most of our customers on cloud solutions, we expect fewer upgrade-projects going forward. Meanwhile, Metria continues to face high demand for its consulting services within IT solutions and expert consulting within the climate and nature domain. Thus, we expect the consulting revenues to continue to remain stable over time.
Spir Group continues to optimize investments to enhance margins, improve cash flow, and prioritize ROI, and reiterates a projected capital expenditure range of MNOK 90-95 for FY 2025. We expect our investments in product development to materialize in improved margins and an improved cash flow yield over time.
Metria and Spir are positive about the opportunities the implementation of open data in Sweden creates within new data sources and product development. Revenue in Metria will continue to be negatively affected, as seen in Q1 2025, however it opens opportunities within new data sources and product development, which is expected to drive continued growth in gross profit going forward.
Cost control and efficiency improvements remain a continuous focus. We continue to initiate research and analysis on how generative AI solutions can optimize and streamline our operational way of work. While the current macro environment is uncertain, Spir Group's two business areas remain robust. Overall, we have solid building blocks in place and foresee continued growth in our software business for 2025.
Consolidated financial statements
Consolidated statement of profit and loss
| NOK 1 000 | Note | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|---|
| Revenue | 3,4 | 315 834 | 263 224 | 1 127 141 |
| Cost of providing services | 121 509 | 102 710 | 436 254 | |
| Gross profit | 194 325 | 160 514 | 690 886 | |
| Personnel expenses | 109 651 | 95 897 | 373 717 | |
| Other operating expenses | 34 126 | 31 787 | 124 198 | |
| EBITDA | 50 548 | 32 830 | 192 971 | |
| Depreciation and amortization expenses | 9,10,11 | 39 494 | 32 172 | 140 873 |
| Impairment losses | 3 766 | 0 | 1 821 | |
| Operating profit | 7 288 | 658 | 50 277 | |
| Financial income | 8 | 2 629 | 10 751 | 66 101 |
| Financial expenses | 8 | -17 909 | -18 013 | -65 916 |
| Net financial expenses | -15 280 | -7 261 | 185 | |
| Profit before income tax | -7 992 | -6 604 | 50 462 | |
| Income tax expense | 948 | -962 | 7 695 | |
| Profit from continuing operations | -8 940 | -5 642 | 42 767 | |
| Profit from discontinued operations | 14 | 0 | 0 | -8 064 |
| Net income | -8 940 | -5 642 | 34 703 |
| NOK 1 000 | Note | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|---|
| Profit for the period is attributable to: | ||||
| Owners of Spir Group ASA | -9 324 | -5 434 | 33 585 | |
| Non-controlling interests | 385 | -208 | 1 118 | |
| -8 940 | -5 642 | 34 703 | ||
| Earnings per share: | ||||
| Basic earnings per share | -0.07 | -0.04 | 0.25 | |
| Diluted earnings per share | -0.07 | -0.04 | 0.25 | |
| Basic earnings per share continuing operations | -0.07 | -0.04 | 0.32 | |
| Diluted earnings per share continuing operations | -0.07 | -0.04 | 0.32 |
Statement of comprehensive income
| NOK 1 000 | Note | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|---|
| Net income | -8 940 | -5 642 | 34 703 | |
| Other comprehensive income (net of tax): Items that will or may be reclassified to profit or loss: Exchange differences on translation of |
||||
Interim report Q1 2025 | 17
| foreign operations | 8 360 | 5 175 | 18 526 |
|---|---|---|---|
| Total comprehensive income for the period | -578 | -467 | 53 229 |
| Total comprehensive income for the period | |||
| is attributable to: | |||
| Owners of Sikri Holding AS | -963 | -259 | 52 111 |
| Non-controlling interest | 385 | -208 | 1 118 |
| -578 | -467 | 53 229 |
Consolidated statement of financial position
| NOK 1 000 | Note | 31.03.2025 | 31.12.2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Equipment and fixtures | 11 | 11 078 | 11 799 |
| Right-of-use assets | 68 775 | 72 922 | |
| Intangible assets | 10 | 2 072 304 | 2 089 276 |
| Other investments | 45 957 | 45 472 | |
| Total non-current assets | 2 198 114 | 2 219 469 | |
| Current assets | |||
| Trade and other receivables | 219 996 | 133 079 | |
| Contract assets | 9 721 | 1 277 | |
| Cash and cash equivalents | 6 | 93 201 | 43 120 |
| Total current assets | 322 917 | 177 477 | |
| TOTAL ASSETS | 2 521 031 | 2 396 946 |
| NOK 1 000 | Note | 31.03.2025 | 31.12.2024 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 5 | 2 654 | 2 652 |
| Share premium | 1 043 655 | 1 043 655 | |
| Other equity | 118 178 | 117 859 | |
| Non-controlling interests | 95 730 | 95 347 | |
| Total equity | 1 260 216 | 1 259 513 | |
| Liabilities | |||
| Non-current liabilities | |||
| Borrowings | 7 | 517 565 | 539 318 |
| Lease liabilities | 46 863 | 54 652 | |
| Deferred tax liabilities | 132 107 | 125 636 | |
| Total non-current liabilities | 696 534 | 719 606 | |
| Current liabilities | |||
| Trade and other payables | 317 000 | 219 188 | |
| Contract liabilities | 118 966 | 29 382 | |
| Current tax liabilties | 17 702 | 12 415 | |
| Borrowings | 7 | 88 778 | 138 778 |
| Lease liabilities | 21 835 | 18 066 | |
| Total current liabilities | 564 281 | 417 827 | |
| Total liabilities | 1 260 815 | 1 137 433 | |
| TOTAL EQUITY AND LIABILITIES | 2 521 031 | 2 396 946 |
Consolidated statement of changes in equity
| Attributable to owners of Spir Group ASA | |||||||
|---|---|---|---|---|---|---|---|
| NOK 1 000 | Share capital |
Share premium |
Cumulative translation differences |
Other equity |
Total | Non controlling interests |
Total equity |
| Balance at 1 January 2024 | 2 601 | 1 013 695 | 64 308 | 7 029 | 1 087 633 | 3 079 | 1 090 712 |
| Adjustment on corrections of error | 0 | 11 190 | 0 | -7 016 | 4 174 | 1 433 | 5 607 |
| Balance at 1 January 2024 (restated) | 2 601 | 1 024 885 | 64 308 | 13 | 1 091 807 | 4 512 | 1 096 319 |
| Profit or loss for the period | 33 585 | 33 585 | 1 118 | 34 703 | |||
| Other comprehensive income | |||||||
| Translation differences | 18 526 | 0 | 18 526 | 18 526 | |||
| Total comprehensive income for the period |
18 526 | 33 585 | 52 111 | 1 118 | 53 230 | ||
| Contributions by and distributions | |||||||
| to owners: | |||||||
| Issue of share capital net of | |||||||
| transaction costs and tax | 51 | 18 770 | 0 | -143 | 18 678 | 18 678 | |
| Capital contribution non-controlling interests |
-1 138 | -1 138 | 1 138 | - | |||
| Acquisition of non-controlling interests | 88 578 | 88 578 | |||||
| Share-based payments | 2 708 | 2 708 | 2 708 | ||||
| Balance at 31 December 2024 | 2 652 | 1 043 655 | 82 834 | 35 025 | 1 164 166 | 95 346 | 1 259 512 |
| Balance at 1 January 2025 | 2 652 | 1 043 655 | 82 834 | 35 025 | 1 164 166 | 95 346 | 1 259 512 |
| Profit or loss for the period | -8 940 | -8 940 | 385 | -9 324 | |||
| Other comprehensive income | |||||||
| Translation differences | 8 360 | 8 360 | 8 360 | ||||
| Total comprehensive income for the period |
0 | 0 | 8 360 | -8 940 | -579 | 385 | -964 |
| Contributions by and distributions | |||||||
| to owners: | |||||||
| Issue of share capital net of | |||||||
| transaction costs and tax | 2 | 0 | 0 | -17 | -15 | -15 | |
| Acquisition of non-controlling interests | 0 | 0 | |||||
| Share-based payments | 915 | 915 | 915 | ||||
| Balance at 31 Mars 2025 | 2 654 | 1 043 655 | 91 193 | 26 983 | 1 164 486 | 95 731 | 1 260 216 |
Consolidated statement of cash flows
| NOK 1 000 Note |
Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income tax | -7 992 | -6 604 | 50 462 |
| Adjustments for | |||
| Depreciation and amortisation expenses 9,10,11 |
39 494 | 32 261 | 140 873 |
| Impairment losses | 3 766 | 1 821 | |
| Depreciation and amortisation expenses | |||
| (discontinued) | 0 | ||
| Share-based payment expense | 914 | 574 | 2 708 |
| Net gain/loss on sale of non-current assets | 0 | 0 | |
| Net gain on sale of subsidiary | 0 | 0 | |
| Interest received and paid - net | 15 280 | 10 691 | -185 |
| Share of post-tax profits and equity accounted | |||
| assosiates | 385 | -3 224 | 5 266 |
| Net exchange differences | 11 489 | -21 528 | 9 077 |
| Change in operating assets and liabilities, net of | 0 | 0 | |
| effects from purchase of subsidiaries | 0 | 0 | |
| Change in trade and other receivables and | 0 | ||
| contract assets | -83 359 | -29 325 | 15 909 |
| Change in trade and other payables and | 0 | 0 | 0 |
| contract liabilities | 186 697 | 177 366 | 7 657 |
| Interest received | 2 362 | ||
| Income taxes paid | -5 074 | -14 801 | |
| Net cash inflow from operating activities | 163 961 | 160 211 | 218 787 |
| Cash flows from investing activities | |||
| Payment for shares and other investments | 0 | -68 905 | |
| Payment for equipment and fixtures 11 |
-876 | -831 | -7 245 |
| Payment of capitalised development costs 9,10,11 |
-20 657 | -24 272 | -98 517 |
| Payment for associates and other financial assets | -485 | - | |
| Net cash inflow/outflow from investing activities | -22 018 | -25 103 | -174 667 |
| Cash flows from financing activities | |||
| Proceeds from issuance of ordinary shares | -15 | 2 897 | |
| Proceeds from borrowings 7 |
0 | 133 417 | |
| Repayment of borrowings 7 |
-72 194 | -30 000 | -118 778 |
| Payment of associates and other financial assets | 0 | - | |
| Principal element of lease payments | -4 021 | -4 642 | -20 874 |
| Interest paid | -15 633 | -10 691 | -52 137 |
| Net cash inflow/outflow from financing activities | -91 863 | -45 333 | -55 475 |
| Net increase/decrease in cash and cash equivalents | 50 081 | 89 775 | -11 355 |
| Cash and cash equivalents at the beginning of the period | 43 120 | 54 473 | 54 475 |
| Cash and cash equivalents at the end of the period | 93 201 | 144 249 | 43 120 |
Notes to the consolidated financial statements
Note 1. General
Spir Group ASA is the parent company of the Spir Group. The Group includes the parent company Spir Group ASA and its wholly owned subsidiaries Sikri AS, Ambita AS and Metria AB. See note 13 for subsidiaries and associates.
Ambita AS includes the 94,8 percent owned Boligmappa AS, the wholly owned Spir Data AS (previously Unbolt AS) and the 65 percent ownership in Entelligens AS (previously Energiportalen). The wholly owned subsidiary 4CastMedia was merged into Boligmappa as of 1 January 2024. Spir Data AS includes the wholly owned subsidiaries Unbolt AB and Unbolt ApS in addition to 59.9 % ownership of iVerdi AS. The wholly owned subsidiaries Buildflow AS and Reduce AS were merged into Spir Data AS on 1. January 2024.
The Group's head office is located at Dronning Mauds Gate 10, Oslo, Norway.
Spir Group ASA is listed on Euronext Oslo Stock exchange under the ticker SPIR.
The consolidated condensed interim financial statements comprise the financial statements of the Parent Company and its subsidiaries as of 31 March 2025. The condensed interim financial statements are unaudited.
Note 2. Accounting principles
The interim consolidated financial statements are prepared under International Financial Reporting Standards (IFRS) and the interim financial report is presented in accordance with IAS 34 Interim Financial Reporting. This quarterly report does not include a complete set of accounting principles and disclosures and therefore should be read in conjunction with the Group's Annual Financial Statements for 2024. The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's Annual Financial Statements for the year ended 31 December 2024. The amended standards that became applicable for the current reporting period are implemented and these did not have any impact on the Group's accounting policies and no retrospective adjustments have been made. The Group has not adopted any new standards, interpretations or amendments issued but is not yet effective. The report has not been audited. Rounding differences may occur.
Note 3. Segment information
The Group has divided the business into five reportable segments: Sikri, Ambita, Boligmappa, Metria and iVerdi. These five reportable segments represent the main companies in the Group. In addition, we have Other/elimination.
| Sikri: | Sales of software solutions and services for case processing, building applications, archiving and document management towards the public sector |
|---|---|
| Ambita: | Sale of services within digital real estate and construction offerings in Norway, enabling digital transformation and providing digital services |
| Boligmappa: | Sale of services within documentation and value estimates on residential properties to professionals and private customers within the real estate market |
| Metria: | Sales of services and solutions within geographical and real estate related information |
| iVerdi: | Sale of services within documentation and value estimates on residential properties to professionals and private customers within the real estate market |
| Other/Elim.: | The holding company of the Group, Spir Group ASA, except management fee is not allocated to any of the reportable segments but is included in the other/elimination column together with acquisition-related expenses and group eliminations. The subsidiaries Spir Data AS, Unbolt AB, Unbolt ApS and Entelligens AS are also part of the segment. |
| 1 January - 31 March 2025 | Sikri | Ambita | Boligmappa | Metria | Other/Elim. | Group | |
|---|---|---|---|---|---|---|---|
| NOK 1 000 | |||||||
| Revenue | 68 890 | 139 731 | 16 483 | 77 367 | 9 741 | 3 622 | 315 834 |
| Inter-segment revenue | 510 | 1 989 | 0 | 0 | 1 724 | -4 223 | - |
| Cost of providing services | 5 086 | 86 486 | 240 | 26 933 | 3 503 | -739 | 121 509 |
| Gross Profit | 64 313 | 55 233 | 16 243 | 50 435 | 7 962 | 139 | 194 325 |
| Personnel expenses | 31 376 | 23 086 | 7 720 | 30 300 | 3 476 | 13 694 | 109 651 |
| Other operating expenses | 10 779 | 11 714 | 4 983 | 8 844 | 1 826 | -4 020 | 34 126 |
| EBITDA | 22 159 | 20 434 | 3 540 | 11 290 | 2 660 | -9 535 | 50 548 |
| Depreciation and amortization | 11 699 | 8 591 | 5 058 | 8 550 | 3 766 | 1 831 | 39 494 |
| Impairment loss | - | - | - | - | - | 3 766 | 3 766 |
| Operating profit | 10 459 | 11 843 | -1 518 | 2 741 | -1 106 | -15 132 | 7 288 |
Segment actuals
| 1 January - 31 March 2024 NOK 1 000 |
Sikri | Ambita | Boligmappa | Metria | Iverdi | Other/Elim. | Group |
|---|---|---|---|---|---|---|---|
| Revenue | 67 111 | 108 455 | 13 226 | 74 433 | - | 0 | 263 224 |
| Inter-segment revenue | 0 | 194 | 85 | 0 | - | -278 | 0 |
| Cost of providing services | 7 912 | 65 437 | 194 | 29 446 | - | -278 | 102 710 |
| Gross Profit | 59 199 | 43 212 | 13 117 | 44 987 | - | 0 | 160 514 |
| Personnel expenses | 31 980 | 21 637 | 7 838 | 26 955 | - | 7 488 | 95 897 |
|---|---|---|---|---|---|---|---|
| Other operating expenses | 9 322 | 8 650 | 8 536 | 7 643 | - | -2 363 | 31 788 |
| EBITDA | 17 898 | 12 924 | -3 257 | 10 389 | - | -5 125 | 32 830 |
| Depreciation and amortization | 10 002 | 8 673 | 4 177 | 8 567 | - | 752 | 32 172 |
| Operating profit | 7 895 | 4 251 | -7 434 | 1 822 | - | -5 876 | 658 |
| Operating profit from | |||||||
| discontinued operations | - | - | - | - | - | 0 | |
| Operating profit | 7 895 | 4 251 | -7 434 | 1 822 | - | -5 876 | 658 |
| 31 March 2025 | Sikri | Ambita | Boligmappa | Metria | iVerdi | Other/Elim. | Group |
|---|---|---|---|---|---|---|---|
| NOK 1 000 | |||||||
| Segment assets | 249 054 | 964 816 | 87 013 | 883 495 | 33 484 | 303 170 | 2 521 032 |
| Segment liabilities | 80 863 | 86 691 | 30 221 | 95 088 | 12 593 | 955 360 | 1 260 815 |
| 31 March 2024 | Sikri | Ambita | Boligmappa | Metria | iVerdi | Other/Elim. | Group |
| NOK 1 000 | |||||||
| Segment assets | 341 232 | 1 028 446 | 135 795 | 909 697 | 103 678 | 2 518 848 | |
| Segment liabilities | 217 699 | 242 398 | 38 233 | 125 650 | 758 579 | 1 382 559 |
Note 4. Revenue information
The sources of revenue from contracts with customers are mainly:
| Subscriptions: | Recurring contracts for the delivery of products and services. This includes Software as-a-Service (SaaS), support services, software maintenance, data subscriptions and hosting and operations |
|---|---|
| Transaction-based: | Service offers are a predefined set of reports, data or services for customers to choose fixed price per transaction delivered directly, through portals, applications or APIs. |
| Consulting services: | Installation, implementation, integration, configuration, training, and other consulting services within expert consulting and IT-solutions. |
| Other: | One-time deliveries and non-core revenues. |
| 1 Jan. - 31 March 2025 | Share % |
Sikri | Ambita | Boligmappa | Metria | iVerdi | Other/ | Group |
|---|---|---|---|---|---|---|---|---|
| NOK 1 000 | Elim. | |||||||
| Subscriptions | 34 % | 53 214 | 10 362 | 13 768 | 27 152 | 2 175 | 0 | 106 672 |
| Transaction-based | 52 % | 0 | 126 223 | 2 715 | 29 065 | 7 053 | 0 | 165 056 |
| Consulting services | 11 % | 15 536 | 0 | 0 | 20 197 | 0 | 0 | 35 733 |
| Other revenues | 3 % | 139 | 3 145 | 0 | 954 | 513 | 3 622 | 8 373 |
| Total revenues | 100 % | 68 890 | 139 731 | 16 483 | 77 367 | 9 741 | 3 622 | 315 834 |
Disaggregated revenue information
| Share | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1 Jan. - 31 March 2024 | % | Sikri | Ambita | Boligmappa * | Metria | iVerdi | Other/ | Group |
| NOK 1 000 | Elim. | |||||||
| Subscriptions | 39 % | 49 807 | 11 047 | 12 248 | 29 556 | 0 | -1 018 | 101 639 |
| Transaction-based | 47 % | 0 | 95 939 | 954 | 25 498 | 0 | 640 | 123 031 |
| Consulting services | 13 % | 14 446 | 0 | 0 | 18 840 | 0 | 0 | 33 286 |
| Other revenues | 2 % | 2 858 | 1 663 | 108 | 539 | 0 | 100 | 5 268 |
| Total revenues | 100 % | 67 111 | 108 649 | 13 310 | 74 433 | 0 | -279 | 263 224 |
*) Boligmappa - 2024 restated following merger with 4castMedia
Information about major customers
The Group conducts its sales directly and through channel partners. No customer or channel partner represents more than 10 percent of the Group's revenue.
Revenues for geographical areas
More than 70% of the revenue in the Group comes from Norway. Sweden is the second largest revenue area with around 25 percent.
Note 5. Share capital and shareholders
The company only has one class of shares, and all shares have the same voting rights. The holders of shares are entitled to receive dividends as and when declared and are entitled to one vote per share at general meetings of the company.
The company's share capital as of March 31, 2025, was NOK 2 653 523.65, consisting of 132 664 788 ordinary shares with a nominal value of NOK 0.02.
Spir Group's largest shareholders as of March 31, 2025, are:
| Name | Number of shares | % of shares |
|---|---|---|
| Karbon Invest AS | 44 464 295 | 34 % |
| Carucel Finance AS | 15 604 794 | 12 % |
| Stella Industrier AS | 15 095 825 | 11 % |
| Varner Kapital AS | 12 853 156 | 10 % |
| State Street Bank and Trust Comp | 4 900 000 | 4 % |
| JPMorgan Chase Bank, N.A., London | 3 782 140 | 3 % |
| Verdipapirfondet DNB SMB | 3 094 905 | 2 % |
| JPMorgan Chase Bank, N.A., London | 3 516 613 | 3 % |
| Citibank N.A. | 2 499 533 | 2 % |
| JP Morgan SE | 2 293 636 | 2 % |
| ES Aktiehandel AB | 2 131 808 | 2 % |
| Barney Invest AS | 1 733 102 | 1 % |
| Total | 111 969 807 | 84 % |
| Others (ownership < 1 %) | 20 694 981 | 16 % |
| Total number of shares | 132 664 788 | 100 % |
| Own shares | 2 075 | 0 % |
| Number of outstanidng shares | 132 662 713 | 100 % |
Note 6. Cash and cash equivalents
Cash includes cash in hand and at banks. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term-to maturity of three months. All restricted cash is taxes withheld. The revolving facility was repaid in February 2025.
| NOK 1 000 | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Cash and cash equivalents | 93 201 | 43 120 |
| Restricted cash | -10 578 | -11 714 |
| Free available cash | 82 623 | 31 407 |
| Available credit facilities[1] | 100 000 | 50 000 |
| Liquidity reserve | 182 623 | 81 407 |
Note 7. Borrowings
In 2022, the Group obtained a loan facility totaling MNOK 905. The loan is distributed between 4 facilities as described below. In addition, the subsidiaries Unbolt AS and iVerdi AS have long term loans as presented below.
| Bank borrowings NOK 1 000 |
Original amount |
Amount 31.12.2024 |
Amount 31.3.2025 |
Nomial interest rate 1) |
Maturity date |
|---|---|---|---|---|---|
| Facility A - Term loan bullet | 405 000 | 450 000 | 450 000 | Nibor+2.5% | 30.04.2027 |
| Facility B - Term loan amortising 2) | 400 000 | 174 679 | 152 484 | Nibor+2.25% | 28.10.2026 |
| Facility C - Overdraft | 50 000 | 50 000 | 50 000 | 3) | 3) 30.03.2026 4) |
| Facility D - Revolving facility | 50 000 | 50 000 | 50 000 | 4) | 30.04.2027 |
| Unbolt AS (5) | 2 500 | 2500 | 2 500 | 15.06.2029 | |
| iVerdi AS | 917 | 917 | 900 | 6) | |
| Total borrowings | 728 096 | 705 884 |
| Bank borrowings - short term portion NOK 1 000 |
Amount 31.12.2024 |
Amount 31.3.2025 |
|
|---|---|---|---|
| Facility B - Term loan amortising 2) | 88 780 | 88 780 | |
| Facility C - Overdraft 3) | 50 000 | 0 | |
| Total short term portion | 138 780 | 88 780 |
1) The basis for the nominal interest rates is NIBOR (3 months) if not otherwise stated.
2) The loan has been repaid over 10 equal semi-annual instalments of NOK 44.4 until the instalment paid in April 2024. Starting from Q3 2024, the payment plan was amended to quarterly payments of MNOK 22.2.
3) Facility C is an overdraft facility of MNOK 50.0 that is to be renewed yearly. The nominal interest rate is NIBOR (7 days) + 2.5 per cent and a commission of 0.25 per cent of the limit per quarter. The facility is not utilized as of 31 March 2025.
4) Facility D is a revolving facility of MNOK 50.0 at a nominal interest rate of Nibor+2.25 per cent and a commitment fee of 35 per cent of the margin on unutilized amounts. During a period of 12 months Facility D shall be fully repaid for a minimum of 5 banking days. The facility was fully repaid in February 2024 and February 2025. The period between each fully repayment cannot be shorter than 3 months or longer than 15 months. The facility was renewed in July 2024 and is not utilized as of 31 March 2025.
5) The loan is in Nordea Abp, Norwegian branch office. The loan has been granted within the growth guarantee scheme from Innovation Norway.
6) Loan from Norsk Takst Holding AS
Security, terms and covenants
Nordea Bank has a priority pledge over all issued shares in the subsidiaries Sikri AS, Ambita AS, Metria AB and any other material subsidiary, as well as property.
| NOK 1 000 | Carrying value 31.3.25 |
Carrying value 31.12.24 |
|---|---|---|
| Bank accounts | 93 201 | 43 120 |
| Trade receivables in Sikri AS and | ||
| Ambita AS | 96 424 | 50 759 |
| Equipment and fixtures in Sikri AS | ||
| and Ambita AS | 4 891 | 5 137 |
In connection with the transaction to purchase 56.85 % of shares in Unbolt AS, Spir Group AS has increased its bullet loan with MNOK 80, from MNOK 370 to MNOK 450, to finance the cash considerations of the purchase price and provide Spir Group with available liquidity in order to continue its support of its subsidiaries, including Unbolt AS. The loan's maturity date in April 2027 remains unchanged following the increase, however the Company's covenant for NIBD/EBITDA under the loan agreement, currently at 3.5x, is increased to 4.1x with a graduate decline quarter by quarter to 3.25x in Q1 2026.
Interest swaps
As of 31 March 2025, Spir Group has two interests rate swaps. The interest rates are 3.24 % and 3.25% respectively. There is no margin calls related to the interest swaps.
Interest swaps are recorded at fair value through profit and loss (presented in net financial items). A loss of MNOK 0.7 has been incurred in Q1 2025.
| NOK 1 000 | Amount (MNOK |
Maturity date |
Interest date |
|---|---|---|---|
| Nordea | 243 | 03.05.2032 | 3.24 % |
| Nordea | 162 | 03.11.2028 | 3.25 % |
Note 8. Financial income and expenses
Financial income
| NOK 1 000 | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|
| Interest income from bank deposits | 1 835 | 3 956 | 14 166 |
| Foreign exchange gains | 148 | 23 | 146 |
| Share of profit - associated companies | - | - | - |
| Fair value financial instruments | - | 6 772 | 13 427 |
| Other financial income | 647 | - | 38 362 |
| Total financial income | 2 629 | 10 751 | 66 101 |
Financial expenses
| NOK 1 000 | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|
| Interest on debts and borrowings | -15 197 | -13 730 | -55 828 |
| Foreign exchange losses | -149 | -138 | -586 |
| Share of losses - associated companies | -630 | -3 224 | -5 266 |
| Interest expense on lease liabilities | -795 | -446 | -2 093 |
| Fair value financial instruments | -656 | - | - |
| Other financial expenses | -483 | -476 | -2 142 |
| Total financial expenses | -17 909 | -18 014 | -65 915 |
| Net financial items | -15 280 | -7 263 | 186 |
67% of Interest-bearing debt covered by interest-rate swaps from November 2023 of MNOK 243 at 3.24 percent (mature in 2032) and MNOK 162 at 3.25 percent (mature in 2028).
Note 9. Depreciation and amortization
Depreciation and amortization expenses
| NOK 1 000 | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|
| Equipment and fixtures | 1 597 | 1 469 | 6 164 |
| Right-of-use assets | 4 863 | 5 420 | 21 648 |
| Intangible assets | 33 033 | 25 283 | 113 062 |
| Total depreciation and amortisation expenses | 39 494 | 32 172 | 140 874 |
| Impairment intangible assets | 3 766 | 0 | 1 821 |
| Total impairment expenses | 43 260 | 32 172 | 142 695 |
Specification of amortization expenses (intangible assets)
| NOK 1 000 | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|
| Capitalized development | |||
| Amortization of internally developed | 18 886 | 13 617 | 62 128 |
| Amortization of aquired in business combinations | 2 237 | 3 193 | 12 772 |
| Total amortization capitalized development | 21 123 | 16 810 | 74 900 |
| Customer contracts/relations | |||
|---|---|---|---|
| Amortization of internally developed | 2 818 | 94 | 377 |
| Amortization of aquired in business combinations | 8 413 | 8 251 | 36 810 |
| Total amortization customer contracts/relations | 11 230 | 8 345 | 37 187 |
| Trademarks | |||
| Amortization of internally developed | - | - | |
| Amortization of aquired in business combinations | 680 | 127 | 974 |
| Total amortization trademarks | 680 | 127 | 974 |
| Total amortisation expenses | 33 033 | 25 282 | 113 061 |
| Impairment expenses | |||
| Impairment of internally developed | 0 | 1 821 | |
| Total amortization trademarks | 0 | 0 | 1 821 |
Note 10. Intangible assets
The recognized intangible assets allocated into four groups:
- Goodwill
- Development costs
- Customer contracts/relations
- Trademarks
The carrying values of these intangible assets, except for goodwill, can have their origin in each of the separate businesses (organic) or as a fair value adjustment at the date of acquisition of a business (acquisition). The amortization of the intangible assets in the table below are specified on amortization of carrying values with origin in each of the separate businesses (organic amortization) and amortization of the fair value adjustment that was recognized at acquisition of the businesses (acquisition amortization).
1 January to 31 March 2025
| NOK 1 000 | Goodwill | Development costs | Customer contracts/relations |
|---|---|---|---|
| Opening balance accumulated cost | 1 183 540 | 569 293 | 473 019 |
| Additons | - | 20 657 | - |
| Sale/disposal | 0 | 0 | 0 |
| Reclassification | 679 | -15 026 | |
| Translation difference | 8 509 | 4 363 | 3 607 |
| Closing accumulated cost | 1 192 728 | 579 287 | 476 626 |
| Total |
|---|
| 2 435 359 |
| 20 657 |
| 0 |
| Reclassification | 4 530 | -9 817 |
|---|---|---|
| Translation difference | 1 080 | 17 559 |
| Closing accumulated cost | 215 117 | 2 463 758 |
| NOK 1 000 | Goodwill | Development costs | Customer contracts/relations |
|---|---|---|---|
| Opening balance accumulated amortisation and impairment |
207 946 | 134 461 | |
| Amortisation charge | 21 123 | 11 230 | |
| Impairment charge | 3 766 | - | |
| Sale/disposal | 2165 | ||
| Reclassifications | -7 652 | 593 | |
| Translation difference | 17792 | - | |
| Closing balance accumulated amortisations and impairment |
242 974 | 144 120 | |
| Closing net book amount | 1 192 728 | 336 313 | 332 506 |
| Useful life | 5-10 years | 10 years |
|---|---|---|
| Amortisation plan | Linear | Linear |
| NOK 1 000 | Trademarks | Total |
|---|---|---|
| Opening balance accumulated amortisation and impairment |
3 679 | 346 086 |
| Amortisation charge | 680 | 33 033 |
| Impairment charge | - | 3 766 |
| Sale/disposal | - | -9 817 |
| Reclassifications | ||
| Translation difference | 0 | 18 385 |
| Closing balance accumulated amortisations and | ||
| impairment | 4 359 | 391 453 |
| Closing net book amount | 210 758 | 2 072 305 |
| Useful life | 10 years/ indefinite |
|---|---|
| Amortisation plan | Linear |
1 January to 31 December 2024
| NOK 1 000 | Goodwill | Development costs | Customer contracts/relations |
|---|---|---|---|
| Opening balance accumulated cost | 1 027 385 | 438 794 | 408 419 |
| Additions | - | 98 517 | - |
| Disposals | (9 819) | ||
| Acquisitions of business | 138 617 | 26 580 | 56 100 |
| Translation difference | 18 213 | 195 | 8 500 |
| Closing balance accumulated cost | 1 184 216 | 554 267 | 473 020 |
| NOK 1 000 | Trademarks | Total |
|---|---|---|
| Opening balance accumulated cost | 188 094 | 2 062 693 |
| Additions | - | 98 517 |
|---|---|---|
| Disposals | ||
| Acquisitions of business | 23 400 | 244 697 |
| Translation difference | 2 544 | 29 452 |
| Closing balance accumulated cost | 214 037 | 2 435 359 |
| NOK 1 000 | Goodwill | Development costs | Customer contracts/relations |
|---|---|---|---|
| Opening balance accumulated amortisation | |||
| and impairment | 131 789 | 94 288 | |
| Amortisation charge | 76 721 | 37 186 | |
| Disposals | (9 819) | ||
| Acquisitions of business | 10 076 | - | |
| Reclassification | - | ||
| Translation differences | 1 345 | 823 | |
| Closing balance accumulated amortisation | |||
| and impairment | - | 210 113 | 132 298 |
| Closing net book amount | 1 184 216 | 344 154 | 340 722 |
| Useful life | 5-10 years | 10 years | |
| Amortisation plan | Linear | Linear | |
| NOK 1 000 Opening balance accumulated amortisation |
Trademarks | Total |
| and impairment | 2 291 | 228 368 |
|---|---|---|
| Amortisation charge | 974 | 114 881 |
| Disposals | (9 819) | |
| Acquisitions of business | - | 10 076 |
| Reclassification | - | - |
| Translation differences | 408 | 2 577 |
| Closing balance accumulated amortisation | ||
| and impairment | 3 672 | 346 083 |
| Closing net book amount | 210 365 | 2 089 276 |
| Useful life | 10 years/ indefinite | |
Note 11. Equipment and fixtures
1 January to 31 March 2025
| NOK 1 000 | Office equipment, furniture etc. |
|---|---|
| Opening balance accumulated cost | 31 767 |
| Additions | 1 785 |
| Translation difference | -789 |
| Closing balance accumulated cost | 32 763 |
Amortisation plan Linear
| Opening balance accumulated depreciations and impairment | 19 968 |
|---|---|
| Depreciation charge | 1 597 |
| Translation difference | 118 |
| Closing balance accumulated depreciations and impairment | 21 683 |
| Closing net book amount | 11 078 |
| Useful life | 3-5 years |
|---|---|
| Depreciation plan | Linear |
1 January to 31 December 2024
| NOK 1 000 | Office equipment, furniture etc. |
|---|---|
| Opening balance accumulated cost | 23 545 |
| Additions | 7 245 |
| Acquisitions of business | 83 |
| Sale/disposal | |
| Translation difference | 911 |
| Closing balance accumulated cost | 31 784 |
| Opening balance accumulated depreciations and impairment | 13 688 |
| Depreciation charge | 6 182 |
| Acquisitions of business | 51 |
| Translation difference | 63 |
| Closing balance accumulated depreciations and impairment | 19 984 |
| Closing net book amount | 11 799 |
| Useful life | 3-5 years |
| Depreciation plan | Linear |
Note 12. Business combinations
No new business combinations have been conducted in 2025.
Unbolt AS
On 26 August 2024 Spir Group, through wholly owned subsidiary Ambita AS, acquired 56.85% of the shares in Unbolt AS, making Unbolt AS a wholly owned subsidiary of Spir Group. The purchase price values Unbolt AS to MNOK 140.
Unbolt provides software and analyses utilized by the major real estate appraisers across Norway. The product portfolio of Software-as-Service has significant growth potential. There are multiple synergies between Unbolt AS and Spir Group through bundling opportunities and common data platform.
Below the fair values recognized on acquisition are presented.
| NOK 1 000 | Unbolt AS |
|---|---|
| ASSETS | |
| Trademarks | 23 400 |
| Customer Relations | 56 100 |
| Technology Development | 26 580 |
| Equipment and fixtures | 769 |
| Trade and other receivable | 12 160 |
| Cash and cash equivalents | 8 936 |
| Total assets | 127 945 |
| LIABILITIES | |
| Pension liability | 1 019 |
| Borrowings | 3 412 |
| Deferred tax liability | 17 490 |
| Trade and other payables | 10 092 |
| Prepayments form customers | 5 973 |
| Total liabilities | 37 986 |
| Net identifiable assets and liabilities at fair value | 89 959 |
| Non-controlling interests | 88 578 |
| Goodwill | 138 617 |
| Purchase consideration transferred | 139 998 |
| The consideration consists of | |
| Shares purchased in previous periods | 40 520 |
| Revaluation of shares purchased in previous periods | 19 885 |
| Issuance of 1 961 37 Consideration shares in the Spir Group at NOK 8.1184 per share | 15 923 |
| Cash consideration | 63 670 |
| Total consideration | 139 998 |
| Net decrease/(increase) in cash | |
| Cash consideration | 63 670 |
| Cash and cash equivalents received | 8 936 |
| Net decrease/(increase) in cash | 72 606 |
The goodwill of MNOK 146.7 reflects a highly skilled workforce, knowledge and technical expertise. No part of the goodwill is deductible for tax purposes. Transaction costs of NOK 187 related to the acquisition are reflected as an operational expense in Q4 2024.
The fair value of trade receivables acquired are MNOK 3.9.
The Group decided to recognize the non-controlling interest in Unbolt in its proportionate share of the acquired net identifiable assets, including goodwill. This decision is made on an acquisition-by acquisition basis. The acquired business contributed revenues of MNOK 13.7 for the period from 26 August 2024 to 31 December 2024.
Since the acquisition date was 26 August 2024, the acquired business did not contribute to revenues and profit during the first two quarters of 2024.
If the acquisition had occurred on January 1, 2024, consolidated pr-forma revenue and operating profit for the period ending 31 December 2024 would have been MNOK 44.1 and MNOK -6.1 respectively. These amounts have been calculated using the subsidiaries consolidated results and adjusting them for the differences in the accounting policies and additional amortization that would have been charged assuming the fair value adjustments to the assets had been applied from 1 January 2024
| 1 January – 31 December 2024 Q |
FY 2024 |
|---|---|
| NOK 1 000 | Proforma |
| Revenue | 40 057 |
| Cost of providing services | 12 377 |
| Gross profit | 27 680 |
| Personnel expenses | 8 335 |
| Other operating expenses | 6 392 |
| EBITDA | 12 953 |
| Depreciation and amortization | 6 986 |
| Net operating profit | 5 825 |
Note 13. Subsidiaries and associates
Subsidiaries as at 31 March 2025
| Date of Consolidated |
Registered | Ownership | ||||
|---|---|---|---|---|---|---|
| Company | Country | acquisition | (Yes/No) | office | share | |
| Sikri AS | Norway | 01.03.2020 | Yes | Oslo | 100 % | |
| PixEdit AB | Sweden | 01.05.2020 | No | Hagfors | 100 % | |
| Ambita AS | Norway | 03.05.2021 | Yes | Oslo | 100 % | |
| Boligmappa AS | Norway | 03.05.2021 | Yes | Oslo | 95 % | |
| Entelligens AS | Norway | 03.05.2021 | Yes | Oslo | 65 % | |
| Metria AB | Sweden | 01.04.2022 | Yes | Stockholm | 100 % | |
| Unbolt AS | Norway | 26.08.2024 | Yes | Oslo | 100 % | |
| iVerdi AS | Norway | 26.08.2024 | Yes | Oslo | 60 % | |
| Unbolt AB | Sweden | 26.08.2024 | No | Oslo | 100 % | |
| Unbolt ApS | Denmark | 26.08.2024 | No | Oslo | 100 % |
Associates as of 31 March 2025
| Date of Consolidated Registered |
Ownership | |||||
|---|---|---|---|---|---|---|
| Company | Country | acquisition | (Yes/No) | office | share | |
| Simien AS | Norway | 03.05.2021 | Yes (Equity) | Oslo | 26,9% |
The Group has smaller shareholdings in Supertakst AS (10,1%) and Prosper Ai AS (15%).
Note 14. Discontinued operations
Profits and loss from discontinued operations.
Metria received notice of a breach from Sweco Sverige AB (Sweco) in July 2024 regarding an alleged breach of the business transfer agreement between Metria and Sweco in connection with the divestment of Metria's Planning and Surveying (P&S) business to Sweco in April 2023. Metria and Sweco reached an agreement settling all the outstanding claims and matters between the parties. The settlement is presented as discontinued operations as follows:
| NOK 1 000 | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|
| Revenue | 0 | 0 | |
| Cost of providing services | 0 | 0 | |
| Gross profit | 0 | 0 | 0 |
| Personnel expenses | 0 | 0 | |
| Other operating expenses | 0 | 10 156 | |
| EBITDA | 0 | 0 | -10 156 |
| Depreciation and amortisation expenses | 0 | 0 | |
| Operating profit | 0 | 0 | -10 156 |
| Financial income | 0 | 0 | |
| Financial expenses | 0 | 0 | |
| Profit before income tax | 0 | 0 | -10 156 |
| Income tax expense | 0 | 2 092 | |
| Profit after income tax discontinued operations | 0 | 0 | -8 064 |
| Loss on sale of the subsidiary after income tax | 0 | 0 | |
| Net income | 0 | 0 | -8 064 |
Note 15. Subsequent events
No subsequent events occurred after quarter end.
Alternative performance measures
The Group's financial information in this report is prepared under International Financial Reporting Standards (IFRS), as adopted by the EU. To enhance the understanding of the Group's performance, the Company has presented several alternative performance measures (APMs) that are regularly reviewed by management. An APM is defined by ESMA guidelines as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the relevant financial reporting framework (IFRS).
Annual recurring revenue (ARR)
ARR is defined as the recurring revenue for the last reporting period, annualized. For the Group, recurring revenue used in ARR calculation is defined as revenue from time-limited contracts where the purchase is recurring in nature; software subscriptions and related maintenance contracts, data and analysis subscriptions and other recurring time-limited agreements.
Gross profit
Gross profit is calculated as operating revenue less cost of services provided.
EBIT
Earnings before interest expense, other financial items and income taxes.
EBITDA
Earnings before interest expense, other financial items, income tax and depreciations and amortization.
Adjusted EBITDA (EBITDA before other income and other expenses)
Adjusted EBITDA is defined as EBITDA adjusted for costs of a non-recurring nature. Such non-recurring costs include, but are not limited to; integration costs, restructuring costs, acquisition costs, one-time advisory costs and other non-recurring costs. This measure is useful to users of the Group's financial information in evaluating underlying operating profitability.
Cash EBITDA
The cash EBITDA presented is defined as EBITDA minus capitalized development costs.
The adjusted EBITDA margin
The adjusted EBITDA margin presented is defined as EBITDA before other income and other expenses divided by total revenues.
Net Interest-Bearing Debt (NIBD)
Net interest-bearing debt is non-current interest-bearing debt plus current interest-bearing liabilities less cash and cash equivalents.
Reconciliation of Alternative Performance Measures
Reconciliation of Alternative Performance Measures
| NOK 1 000 | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|
| Revenue | 315 834 | 263 224 | 1 127 141 |
| (-) Cost of providing services | 121 509 | 102 710 | 436 254 |
| Gross profit | 194 325 | 160 514 | 690 886 |
| Operating profit | 7 288 | 658 | 50 277 |
| (+) Depreciation and amortization | 43 260 | 32 172 | 140 873 |
| (+) Impairment losses | 1 821 | ||
| EBITDA | 50 548 | 32 830 | 192 971 |
| Revenues | 315 834 | 263 224 | 1 127 141 |
| EBITDA | 50 548 | 32 830 | 192 971 |
| EBITDA % (EBITDA/Revenue) | 16 % | 12 % | 17 % |
| EBITDA | 50 548 | 32 830 | 192 971 |
| (+) Other income and expenses | 1 737 | 1 835 | 7 994 |
| Adjusted EBITDA | 52 285 | 34 665 | 200 965 |
| Revenues | 315 834 | 263 224 | 1 127 141 |
| Adjusted EBITDA | 52 285 | 34 665 | 200 965 |
| Adjsuted EBITDA % (Adjusted EBITDA/Revenue) | 17 % | 13 % | 18 % |
| Interest bearing-debt | 606 342 | 635 017 | 678 096 |
| (+) Lease liabilities | 68 697 | 38 871 | 72 718 |
| (-) Cash and cash equivalents | 93 201 | 144 249 | 43 120 |
| NIBD | 581 839 | 529 639 | 707 693 |
Specification of other incomes and expenses
| NOK 1 000 | Q1 2025 | Q1 2024 | FY 2024 |
|---|---|---|---|
| Other M&A and integration cost | 341 | 400 | 1 903 |
| Restructuring personel | 1 122 | 239 | 7 412 |
| Restructuring other | 0 | 1 196 | -1 321 |
| Divestment | 274 | - | - |
| Gross profit | 1 737 | 1 835 | 7 994 |
Appendix
Summary of financial performance (proforma)
| Revenue (MNOK) | 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 |
| Boligmappa 3) | 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 revenues | 261 | 289 | 264 | 241 | 263 | 308 | 282 | 271 | 316 |
| Gross Profit (MNOK) | 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 |
| Boligmappa 3) | 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 |
| Total Gross Profit | 158 | 168 | 155 | 159 | 161 | 175 | 169 | 183 | 194 |
| ARR (MNOK) | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total ARR | 379 | 383 | 385 | 398 | 399 | 406 | 425 | 443 | 439 |
| EBITDA (MNOK) | 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 |
| Boligmappa 3) | - | -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 EBITDA | 38 | 49 | 48 | 34 | 36 | 64 | 55 | 52 | 51 |
| Adjusted EBITDA (MNOK) | 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 |
| Boligmappa 3) | - | -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 |
| Total adjusted EBITDA | 45 | 53 | 51 | 37 | 35 | 59 | 57 | 52 | 52 |
| Cash EBITDA (MNOK) | 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 |
| Boligmappa 3) | -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 cash EBITDA | 14 | 26 | 25 | 10 | 9 | 31 | 33 | 21 | 30 |