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 to NOK 263.2 million,
despite impacted by easter and fewer workdays than one year earlier. Annual
recurring revenue within the Group increased by 5 percent to NOK 399 million at
quarter-end. Recurring and recurring-like revenues for Spir Group now comprise
82 percent of total revenues.

"The four core companies of Spir Group continue to execute on their strategic
objectives, and we have gained market-leading positions in Norway and Sweden 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 Per Haakon Lomsdalen, CEO of
Spir Group.

The company reached record-high free cash flow of NOK 130 million in the quarter
and head into the high season with an improved financial position. Adjusted
EBITDA was NOK 34.7 million (44.7) in the quarter, representing a 13 percent
adjusted EBITDA margin. Reported EBITDA ended at NOK 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 of NOK 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 than NOK 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 Per Haakon
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:

Per Haakon 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

About Spir 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.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange