Spir Group ASA Q4 & FY 2024: Accelerated growth rate and profitability improvement
Oslo, 13 February 2025: Spir Group (“the Group”, OSE: SPIR) increased revenues by 13 percent in Q4 2024 compared to the same quarter in 2023 to NOK 274.4 million, while EBITDA improved 47 percent to NOK 50.9 million. The growth was driven by 23 percent growth in the real estate business area, while the public administration grew underlying ARR by 12 percent compared to one year ago.
“We are pleased to report another quarter of accelerated revenue growth and profitability for Spir Group. Our real estate offering performed particularly well in the fourth quarter due to the combination of our strategic initiatives implemented during 2024 and the real estate market having picked up again both in Norway and Sweden. This has resulted in the enhanced financial performance in 2024,” says Per Haakon Lomsdalen, CEO of Spir Group.
Annual recurring revenue (ARR) increased by 11 percent compared to year-end 2023 to NOK 443 million at year-end 2024, including NOK 15.4 million in new ARR from iVerdi. Spir Group delivers its offerings as recurring subscriptions, transaction-based data & software sales, and consulting services related to implementation and utilization of its solutions.
“Spir Group has a solid product offering within real estate and public administration, and a high share of recurring revenue. Going forward, we will continue providing innovative tools that digitalize our customers' operations across our two business areas, further strengthening the Group’s market share and profitability,” says Lomsdalen.
All Spir companies within the real estate business area grew double-digit revenues in the fourth quarter. The public administration services, operating through Sikri, continue to maintain a steady rate of organic growth. Sikri won 68 percent of its total public tenders during the year.
“Overall, 2024 was a positive year with strong progress across the portfolio marked with higher growth rate in the second half of the year. KPIs are on the rise, and looking ahead, we continue to see potential for growth and value creation. The Spir companies hold market-leading positions and advanced technological development capabilities. We are looking forward to an exciting year as we have entered 2025 with solid momentum,” says Lomsdalen.