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Spir Group ASA (OB:SPIR) presented its Q2 2025 financial results on August 19, 2025, highlighting an 11% year-over-year revenue increase and a strategic transformation into a pure-play real estate technology company. The stock closed at 10.7 NOK on the presentation day, up 0.94%, as investors responded positively to the company’s strategic shift and improved financial metrics.
Quarterly Performance Highlights
Spir Group reported solid financial results for Q2 2025, with revenue reaching 268 million NOK, up 11% compared to Q2 2024. The company’s gross profit increased by 22% to 142 million NOK, while Cash EBITDA jumped to 25 million NOK, representing a 10 million NOK improvement from the same period last year.
As shown in the following key financial metrics chart, the company demonstrated growth across all major indicators:
For the first half of 2025, Spir Group’s revenue grew 18% to 515 million NOK, with Cash EBITDA reaching 37 million NOK, up 25 million NOK from H1 2024. The Cash EBITDA margin improved significantly, increasing from 6% to 9% in Q2 and from 3% to 7% in H1, indicating enhanced operational efficiency.
The quarterly and half-yearly performance is visualized in the following chart:
This represents a slight moderation from Q1 2025, when the company reported a 20% year-over-year revenue increase to 316 million NOK and Cash EBITDA of 30 million NOK.
Strategic Transformation
The most significant development announced during the presentation was Spir Group’s transformation into a pure-play real estate data and software company following the divestment of Sikri AS. This transaction, valued at 1 billion NOK, represents the culmination of a multi-year strategic repositioning of the company.
The following timeline illustrates Spir Group’s strategic evolution since 2019:
CEO Per Haakon Lomsdalen emphasized that this strategic shift will allow the company to focus on its core strengths in the real estate sector, where it claims involvement in 9 out of 10 real estate transactions in its markets. The company now positions itself as having a unique combination of data, domain expertise, and software covering the entire real estate journey.
Capital Allocation and Shareholder Returns
Following the Sikri divestment, Spir Group announced a comprehensive capital allocation framework that includes significant debt reduction and shareholder returns:
The company has reduced its debt to 141 million NOK, down from 649 million NOK, and proposed a special dividend of 2.44 NOK per share, equaling approximately 324 million NOK. Additionally, Spir Group introduced a new dividend policy targeting a 40-60% payout ratio of Cash EBITDA, provided that the group maintains adequate capital levels and a leverage ratio under 2.0.
Segment Performance
Segment performance varied across the group’s business units, with all segments contributing to overall growth. The following breakdown illustrates how each segment contributed to the revenue and profitability growth:
Ambita AS, the largest segment, saw revenue increase by 8% to 165 million NOK in Q2 and 17% to 304 million NOK in H1. Boligmappa AS demonstrated strong growth with revenue up 19% to 16 million NOK in Q2 and 22% to 32.6 million NOK in H1, while its B2B annual recurring revenue increased 10% year-over-year.
Metria AB reported flat revenue in local currency but improved profitability, with consulting revenues up 14% to 22 million NOK in Q2. Iverdi AS, a newer addition to the group, contributed 12 million NOK in revenue and 4 million NOK in Adjusted EBITDA for Q2 2025.
Forward-Looking Strategy
Looking ahead, Spir Group outlined its strategic direction focused on four pillars: unifying operations to unlock synergies, connecting property data and software through a shared technical platform, expanding revenues through core product strengthening, and innovating with AI and domain expertise.
The company expects its product development investments, which remained disciplined at 5% of revenue in Q2, to contribute to margin improvement and stronger cash flow over time. This forward-looking strategy aligns with the company’s vision to become a market leader in real estate data and software across the Nordic region.
As shown in the following slide, Spir Group has positioned itself as a mission-critical provider of data and software to key players in the real estate industry:
With its streamlined focus on real estate technology following the Sikri divestment, improved balance sheet, and continued revenue growth, Spir Group appears well-positioned to execute on its strategic objectives for the remainder of 2025 and beyond.
Full presentation:
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