Spir Group increased revenues by 20 percent in Q1 2025 compared to the same quarter in 2024 to NOK 315.8 million, while EBITDA improved by 54 percent to NOK 50.5 million. Cash EBITDA increased by NOK 20 million, reaching NOK 29.9 million. The growth was driven by 24 percent growth in the real estate business area, while the public administration business area continued its steady growth with revenue up 3 percent and run-rate ARR grew 8 percent compared to one year ago.
“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. We are pleased to report a robust start to the year with accelerated revenue growth and enhanced financial metrics,” says Per Haakon Lomsdalen, CEO of Spir Group.
The Group’s annual recurring revenue (ARR) increased by 10 percent compared to Q1 last year, reaching NOK 439 million. Spir Group delivers its offerings as recurring subscriptions, transaction-based data & software sales, and consulting services related to implementation and utilization of its solutions.
The public administration service, operating through Sikri, maintains 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 the 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 we look forward to building on this momentum and leveraging our strong market positions,” says Lomsdalen.
