Oslo ,15 May 2024 : Spir Group ASA increased revenues by 1 percent in the first quarter of 2024 compared to the same quarter last year toNOK 263.2 million , despite impacted by easter and fewer workdays than one year earlier. Annual recurring revenue within the Group increased by 5 percent toNOK 399 million at quarter-end. Recurring and recurring-like revenues forSpir Group now comprise 82 percent of total revenues. "The four core companies ofSpir Group continue to execute on their strategic objectives, and we have gained market-leading positions inNorway andSweden in two attractive software segments: Mission critical public sector solutions and real estate data & geo information. Within public sector solutions,Sikri continues its steady high public tender win rate. Our real estate solutions are to a larger extent exposed to macro-driven fluctuations; however, the underlying development of the companies is encouraging," said PerHaakon Lomsdalen , CEO ofSpir Group . The company reached record-high free cash flow ofNOK 130 million in the quarter and head into the high season with an improved financial position. Adjusted EBITDA wasNOK 34.7 million (44.7) in the quarter, representing a 13 percent adjusted EBITDA margin. Reported EBITDA ended atNOK 32.8 million (37.9), implying an EBITDA margin of 12 percent. "Spir Group's SaaS business model has a high cash-generating ability, proven by our operational cash flow ofNOK 160 million in the quarter. The Group has improved the financial position considerably during the past year, and the deleveraging accelerated even further in the first quarter as net interest-bearing debt was reduced by more thanNOK 120 million in the quarter," said Lomsdalen.Sikri , Boligmappa and Metria all grew revenues compared to the same quarter last year, while Ambita's revenues declined 2 percent as revenues were impacted by seasonality and market fluctuations. "The real estate market has posed challenges over the past year for some of our business areas, including Ambita's growth rate. However, recent data from Real Estate Norway indicates promising signs, with an increasing number of properties being put up for sale. We have robust product and technology development capabilities and capacity. Combined with our improved financial position, we are eager to capitalize on our growth potential," said Lomsdalen. *** Investors, analysts, and media are welcome to follow a webcast presentation of the results today at 08:00. The presentation will be held by CEO PerHaakon Lomsdalen and CFO Cecilie Brænd Hekneby. Webcast link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240515_16 The report and presentation are available for download from https://spirgroup.com/reports-and-presentations and www.newsweb.no. The webcast will be available for replay immediately after the live stream is concluded. For further queries, please contact: PerHaakon Lomsdalen Chief Executive Officer Tel: +47 90 27 19 18 Email: per.lomsdalen@spirgroup.com Cecilie Brænd Hekneby Chief Financial Officer Tel: +47 99 29 38 26 Email: cecilie.hekneby@spirgroup.com AboutSpir Group Spir Group is a software house providing highly specialized software and services towards the public sector and a leading company within property data, property technology and data economics in the Nordics. Our customer base spans public sector as well as private businesses within real estate, banking, insurance, property developers, media companies, builders, property owners, taxation companies, engineers, power companies and building materials production. We create value for public sector, private businesses, and citizens, with an innovative approach to the use of data and data analysis. Our ambition is to build the leading Nordic ecosystem for public administration, property technology, analysis and data.
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