Spir : 2024 Q1 report

Spir Group ASA - Q1 2024

CEO Per Haakon Lomsdalen & CFO Cecilie Brænd Hekneby

15 May 2024

THIS IS SPIR GROUP

Software house with #1 positions in two segments

Strong Nordic brands delivering mission-critical software and data to people, businesses and society

Public sector		PropTech and
		geoinformation

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THIS IS SPIR GROUP

Spir Group is a house of scalable technology brands

Mission critical software for	PropTech and geoinformation
the public sector

•	Leading provider of	•	Leading real estate	•	Leading provider of	•	Digital platforms for
	mission critical		data and		real estate data in		property
	software for		geoinformation		Norway		documentation
	Norwegian public		provider in Sweden	•	High and sustained		required by law for
	sector	•	Focus on core		market share		property owners
•	High level of		business and	•	Enhancing value by		and professionals
	recurring revenue		margin		moving upwards in	•	900,000 unique
•	Long-term		improvements		the value chain with		users with
	contracts, minimal		following		higher margins		significant
	churn		restructuring	•	Preparing for		monetization
					commencement of		potential
					new homes to
					increase

Other brands

Document processing, analytics, and content:

Non-controlling brands

Real estate appraisal, energy, and data analysis:

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A SPIR COMPANY

About Sikri

• Mission critical software for public sector and seamless processes mandated by law
• Case processing, building applications, archiving, document management, data collection and handling
• Key player and strong #1 positions
• High ARR, long-term SAAS agreements & solid customer base
• ROI focused implemention and customer excellence
• Assist public administration with reaching its goal for efficient use of resources, and improving citizen services
• Digital counting solution for elections in Norway - next up VALG2025
• High sales activity with 142 closed deals
• High win rate on Elements bidsQ1

• Keeping up with the AI race - focus on innovation and upsells
• Bringing developers "home" and hire locally to gain benefits of working closely with product and sales team

Providing mission critical software for public sector:

A SPIR COMPANY

About Ambita

• Number #1 positions with trusted solutions

• Ambita´s offerings covers 9 of 10 processes in a real estate transaction

• Software services that connects real estate agents, banks and insurance companies

• At the forefront of digitizing the settlement process in real estate transactions

• Driving innovation and propelling the real estate market forward

• Transaction-based revenues correlated to the real estate market and seasons

•	Holte integration: new distribution channel for maps & real estate services
•	Increased demand in digitalization in municipalities/PA, drives growth for digital	Q1
	Building application

• Product: Områdeanalyse, 4x growth compared to last year

Leading digital real estate and construction software in Norway, enabling digital transformation and services:

A SPIR COMPANY

About Boligmappa

• Boligmappa is a platform for everything property-related
• Close to 1 million unique users across the platform
• Boligmappa.no and Hjemla.no offer free services to consumers, with the possibility of upgrading to premium offerings. On the B2B side Boligmappa is available as a Saas-solution
• A thought leader in the property market
• Launched a wide collaboration with Mittanbud.no, Norway´s largest platform for craftsmen jobs
• B2C product sales growing and positive development:Q1• 3 500+ upgrades to Boligmappa+ (70% purchased annual

subscription)

• 2 200+ new active Hjemla Premium subscriptions

A digital platform connecting all sides of the housing and real estate lifecycle, from private homeowners to large professional contractors:

A SPIR COMPANY

About Metria

• #1 position in Sweden within real estate information and geodata with key customer verticals within; Public sector, Bank & Insurance, Energy & Telecom and Forestry industry
• Digital solutions and services within geodata, real estate information, geographical information systems and remote sensing
• Exciting climate & environment offering - identification of climate risks and opportunities for reduced climate impact
• Revenue mix of transactional, SaaS and consultancy revenues. Transactional revenues correlated to mortgage and real estate market
• 12% growth in SaaS-solutions

Continued strong customer demand for Metria Maps solutionQ1•

• Exploring Markkoll cross-sell opportunities in Norway
• Launched household energy performance solution - first customer deal and delivery within the finance industry

Metria is an expert in geographic information and digital solutions:

• Information services
• SaaS solutions
• Expert analysis
• Customer specific IT solutions

THIS IS SPIR GROUP

SaaS business model with attractive metrics

HIGH RECURRING	SOLID ARR GROWTH	STEADY REVENUE GROWTH	STABLE GROSS MARGIN
REVENUE SHARE

82%	399	263	61%
RECURRING & RECURRING-	MNOK ARR	MNOK REVENUE IN Q1 2024	GROSS MARGIN IN Q1 2024
LIKE REVENUE IN Q1 2024	(up 5.2% from Q1 2023)	(up 1% from Q1 2023)	(Stable from Q1 2023)

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Financial Review

Q1 2024

Q1 2024 - FINANCIAL REVIEW

Organic growth and increased ARR

• Revenue of MNOK 263.2 (261.4), implying organic growth of 1 percent in the quarter
• Transaction related revenue impacted by easter and a still challenged property market
• Annual recurring revenue (ARR) increased to MNOK 399 at the end of Q1 2024, up 5.2 percent from Q1 2023
• Stable gross-margin of 61 percent

Revenues (MNOK)	ARR (MNOK)	Gross margin (%)
	+1%		5,2%		0 p.p.
261.4	263.2	379	399	61	61

Q1 2023

Q1 2024

Q1 2023

Q1 2024

Q1 2023

Q1 2024

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