Annual report

2024

Spir Group ASA

Annual Report 2024

Contents

01 This is Spir Group 3

02 2024 in brief 4

03 CEO letter 7

04 Our management and board 9

11 Iverdi 29

12 Building position and brands 31

13 Innovation and growth strategy 33

14 Sustainability report 34

15 Board of Directors’ report 46

16 Consolidated financial statements 61

17 Bridge Q4 and Annual Report 118

18 Spir Group ASA financial statements 119

19 Auditor’s report 135

3

Spir Group ASA

Annual Report 2024

01 This is Spir Group

Spir Group (or “the company”), delivers mission-critical software and data within two

renovated and sold. The Company’s services are used

in 9 out of 10 real estate transactions in Norway, and in

Sweden, Spir Group is the number one provider of real

estate and geo-information.

businesses. Spir Group has a significant footprint,

delivering mission-critical software to a wide variety

of customers within the public and private sector.

production companies. The key underlying driver for

development is the pressing need for accelerated

digitization of complex processes.

Spir Group delivers its offerings as recurring

subscriptions, transaction-based data & software

sales, and consulting services. The subscription-based

revenues are primarily Software-as-a-Service licenses

to customers, characterized by long-term contracts

and low churn. Transaction based revenues are driven

by the developments in the real estate markets in

part of total revenue in Spir Group, but the services

The Spir Group companies have 368 full-time

employees in addition to 73 external consultants.

The company’s commitment lies in leveraging

facilitation of data and technical solutions, digitizing

processes mandated by law that were once manual

and time-consuming. By ensuring the reuse of data

and implementing near-complete digitization of

processing chains, Spir Group replaces traditional

paper-based methods with fully digital solutions. Spir

Group operates within international frameworks and

adheres to best practices, meeting all requirements

pertaining to social issues and corporate governance.

in Norway and Sweden. The Group seeks to grow

geographically.

4

Spir Group ASA

Annual Report 2024

7%

Revenue growth

With a strong presence and market-leading

public sector and the real estate industry.

business processes within both the public sector and

the real estate industry.

02 2024 in brief

(ARR)

11%

Growth in ARR

MNOK 95

Cash EBITDA

30%

Cash EBITDA

5

Spir Group ASA

Annual Report 2024

Adjusted EBITDA

remaining shares in

Unbolt and 15% in

Prosper AI

Equity ratio

Gross profit

Gross margin% 61% 61%

EBITDA 193 169

Other income and expenses 8 20

Adjusted EBITDA 201 189

Adjusted EBITDA margin% 18% 18%

Cash EBITDA 95 73

Key numbers

6

Key facts and figures

368

Employees in Spir Group

7

Annual Report 2024 1) See organizational structre on page 15.

Dear stakeholders,

and solutions.

The Spir companies hold market-leading positions

and advanced technological capabilities, and key KPIs

are on the rise. Our strategic initiatives implemented

over the past few years have resulted in improved

financials in 2024. Total revenues improved by 7

percent, while Cash EBITDA of NOK 95 million is

an improvement of 30 percent compared to 2023.

Net income has also improved significantly, up from

negative NOK 9 million in 2023 to positive NOK 51

of recurring revenue. In 2024, Spir Group’s annual

recurring revenue (ARR) increased by 11 percent

compared to a year ago, reaching NOK 443 million,

including NOK 15 million in new ARR from Iverdi.

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.

In the second half of the year, Spir Group closed

the acquisition of the remaining shares of Unbolt,

and a key target for us has been to successfully

integrate the company, and its subsidiaries, into

the Group. Unbolt has built a Nordic ecosystem

insights and analytics about the building stock. By

taking control of Unbolt, we strengthen our position

within real estate transactions, complementing the

Groups property data offerings with unique property

condition and energy data. In December 2024, we

completed a 100-day integration plan with focus on

The software offers effective process support, data-

driven quality assurance and a variation of different

valuation reports. It allows direct interaction and

sharing of information between real estate agents

and valuers’ systems for increased security and

efficiency, further strengthening our real estate

offering. As an innovative software house, developing

new functionalities and enhancing existing products

to reinforce our market-leading position, along with

expanding our product portfolio, is essential for future

growth.

Over the past year, we have worked diligently to

and knowledge among our employees, enabling

us to approach ESG in a strategic manner. Most

importantly, we have focused on ensuring compliance

with and measuring the effectiveness of the initiatives

we have implemented. Spir Group respects the UN’s

17 Sustainable Development Goals and has prioritized

with the CSRD starting from the 2025 financial year.

positive. The demand for secure and efficient IT

solutions is growing across our business areas, as

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customers increasingly seek to reduce costs by

streamlining and digitizing their operations. We

expect our subscription-based revenues to continue

to grow steadily with low churn as they are primarily

based on long-term contracts. Meanwhile, there are

positive developments in the real estate market both

in Norway and Sweden. We are excited for the year

ahead, with solid plans in place to further strengthen

our operational and financial growth.

At last, I want to extend my gratitude to all my

partners and shareholders, for their trust and

continuously upholding and strengthening this trust in

2025 and beyond.

9

04 Our management and board

disciplines and varied

experiences and

consists of 45 percent

men and 55 percent

females. Per Haakon Lomsdalen

Chief Executive Officer

Lomsdalen (1973), CEO of

Spir Group from August 2023.

Lomsdalen joined Spir Group

from the position as Country

as COO of SAP in the Nordics

various leadership positions at

IBM. He is a Norwegian citizen,

residing in Drammen, Norway.

Cecilie Brænd Hekneby

Chief Financial Officer & IR

Hekneby (1972), CFO of Spir

Group from February 2024.

Hekneby joined Spir Group after

seven years as CFO & IR of Self

Controller in Color Line and

mics and Business Administra-

tion (NHH). She is a Norwegian

Mia Ryan

Ryan (1980), CTO of Spir Group

from March 2024. Before

joining Spir Group Ryan was

Head of platform and central

on technology, cloud and AI,

Erling Olaussen

Chief Strategy and M&A Officer

Olaussen (1970), Chief Strategy

and M&A Officer from 2024.

Olaussen has extensive expe-

he became technology director

citizen, residing in Nordre Follo,

Norway.

Anita Fragaat

Chief of Staff

Fragaat (1973), Chief of Staff

of Spir Group from October

2023. Before joining Spir Group

Fragaat has extensive experien-

various strategic positions in

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Spir Group ASA

Annual Report 2024

07 Company review: Sikri

Spir Group, through Sikri AS, is a key player in the market for managing and archiving

documentation and data driven decision-making.

Providing user-centric, coherent services is an

important, shared goal for the public sector in

Norway. Working closely with customers, partners,

and national premise providers is essential for Sikri.

The number one mission is assisting the public sector

in reaching its goals of efficient use of resources and

better services for citizens.

Sikri’s product portfolio includes case management,

sector, but the customer base also includes several

scanning services for more than 100 Norwegian

municipalities and counties as part of the Norwegian

Municipality and County Council Election in 2023

and will in 2025 deliver services to the Parliamentary

Election. The election project generated a total

revenue of 12 MNOK in 2023.

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Products and services

18

Financial performance

• At the end of December 2024, run rate ARR was

• Reduction in upgrade projects as majority of

Product and technology advancements

• Sikri was the first provider to implement the

• Sikri has a growing business delivering digital

from IoT devices and IoT sensors, as well as publicly

available data sources and historical data.

• In 2024 new product portfolio of PixEdit was

launched, PixEdit Office. The new portfolio

includes AI-functionality identifying and redacting

sensitive information.

Strategic partnerships, recognitions

• Key wins in 2024 are Norsk Tipping, Nasjonal

• Sikri was runner up in Skatteetaten’s pre-

acquisition pilot using AI for automated archiving

will be a valuable offering towards existing and

partnership combines Telenor´s expertise in

telecom with Sikri’s advanced technology for data

collection and analysis.

• The Treffpunkt customer conference in Oslo was

a great success gathering 398 participants from

134 businesses and the Sikri Treffpunkt Norge

Roadshow visited 11 cities and met 503 customers

from 185 businesses around the country.

• A joint marketing-sales ”Automation-tour” in

customers’ knowledge and see opportunities with

2024 highlights

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Ambita offers products and services across the real estate and construction value chain,

create the property market of tomorrow.

08 Company review: Ambita

addition to construction and engineering. Most of

Ambita’s offerings represent number one positions in

their field.

The services are based and developed on a broad

range of data sources, both public and private.

Ambita’s offerings covers the entire “lifecycle” of the

property: development, transactions, and ownership.

Our value propositions focus on helping our customers

with insight and making their work processes more

efficient and secure.

ensures that we prioritize and make decisions from a

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Products and services

21

2024 highlights

Financial performance

• In a competitive market Ambita delivered an

Technology advancements

manual signatures and provide an overall more

efficient solution with improved user experience,

security and quality, and impact gross margin

positively.

• In Q1, Ambita launched a service that automates

the sharing of purchase contracts between

brokers and banks.

• In Q4 Ambita launched a solution to streamline

the electronic registration of title declarations.

resulted in more pilot customers and secured

revenue for 2025.

Strategic partnerships and recognitions

start-up Prosper Ai, a tech company that has

developed a ground-breaking service that

uses artificial intelligence to generate detailed

property prospects based on condition reports,

self-declarations and neighborhood profiles. The

technology is designed to significantly increase

the efficiency of real estate agents and dispose of

human errors when producing sales prospectuses.

• Byggesøknaden.no, a joint service from Ambita

and Norconsult Digital, won a bid from the

The delivery includes user insights from applicants

• Ambita and Norconsult Digital secured a tender

digitalizing the property sector.

22

Boligmappa consists of several services

Boligmappa for professionals and Hjemla,

all operating in the real estate and property

09 Company review: Boligmappa

Boligmappa wants to help people make better

housing decisions, by delivering digital platforms

where property owners can take control of the value,

condition, and documentation of their property

through documentation and unique insights. By

the services offered, homeowners and professionals

have access to key tools for securing and developing

what for most consumers represents their largest

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large professional contractors. Boligmappa has become the established market platform aggregating data on homes

people also represents their largest financial asset. Electricians, plumbers and other craftsmen document their work

directly in Boligmappa, and combined with information uploaded by the user, value-adding property data is safely

stored and maintained over time.

data in Boligmappa. The user searches in the Land Registry and connects to the correct property. The solution is

available as a web application or as an integration in more than 70 ERP systems, such as Visma Contracting, Cordel,

Tripletex and more.

home improvement. The website features discussions, articles, and resources aimed at assisting individuals with their

Products and services

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Financial performance

• A major part of revenue in Boligmappa is

Product and technology advancements

user-friendly.

• In 2024 a new concept called ”Boligens Utvalgte

Leverandører” (Selected Home Suppliers) was

launched. This concept provides consumers with

valuable guidance on choosing the right products

and systems for their homes.

• In Q4, Boligmappa launched a new service

for professional craftsmen with several new

and in-demand features, including automatic

for both Boligmappa & Hjemla, yielding large

opportunities for more distribution power and

commercial growth.

• In Q3 the new CEO of Boligmappa joined Spir

>600.000 unique visitors each month.

• Throughout 2024, Boligmappa renewed

agreements with major organizations, including

VB Gruppen, VVS Eksperten, ElteraGruppen,

Elnett Gruppen, and Håndverksgruppen.

Collaborations with industry associations like

Fagrådet for våtrom and Malermestrenes

Landsforbund were also strengthened,

underscoring Boligmappa’s commitment to

supporting professionals in the housing sector.

December 8th, 2024, a total of 2,589,150 new

Construction, and Other Trades.

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Metria is an expert in digital solutions and services within geographical and real estate related information in Sweden. Metria

spanning across information deliveries, Software-as-a-Service (SaaS) products, expert analysis and customer-specific IT deliveries.

10 Company review: Metria

safer, and greener decisions. With an extended business

information offering, the company can combine, for

example, property valuations with analyzed climate

factors - both as a packaged service or customer-

specific analyses.

Metria holds ISO-certificates within environment,

quality, and information security. A competitive

advantage to ensure that Metria is a compliant

supplier in the prioritized market segments.

insurance, authorities, forestry, energy and telecom.

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These initiatives are executed across all market

Communications Director, Eirik Vigeland, and

participants included key stakeholders, Monica Beate

Tvedt, partner and CTO of Forte Digital, Ida Dahl,

board member at Girl Tech, Elin Bursberg, Head of

development at Vitec Megler AS, Camilla Dybendal,

Director at Capgemini Invent, Tor Morten Grønli from

Kristiania Unviersity of Applied Sciences, as well as our

own CTO of Spir Group, Mia Ryan.

We simoultaneously launched the #hunkoder

campaign, with intention of getting more girls into

podcast, Boligsnakk, at the venue Madam Reiersen.

stakeholders such as Carste Pihl from the Norwegian

Homeowners Association and several insurance

companies.

Ambita hosted a networking event with the

Anne Mette Havaas from Sikri participated in

From the 4th to 6th of November, the Sikri

TREFFPUNKT 3-day annual conference was held at

Clarion The Hub in Oslo, with 350 participants from

Norway and Sweden. The focus topic for the 2024

conference was ”Collaboration for the future”. The

main speakers included the national archivist Inga

Bolstad and Halvor Haukerud.

Summer with Boligmappa

On 4th June Boligmappa invited partners and

customers to a day with both keynote speakers, news

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Spir Group’s growth strategy is based on deep domain expertise and data,

AI and Geographical Expansion

In the Public Administration segment, growth will primarily be driven by:

13 Innovation and growth strategy

Real Estate: Deepening Value Creation and Unlocking Synergies

needs of core customer groups, with a focus on streamlining processes related

to property transactions, property development, loan and risk management,

property management, and land development.

specialized software and data products. Increased coordination of roadmaps,

shared data assets, and joint solution development will strengthen and broaden

the overall value propositions.

typically offer complementary technology, strengthen positions in existing markets,

34

14 Sustainability report

In its ongoing commitment to sustainability, Spir Group

has initiated preparations for reporting in accordance

with the Corporate Sustainability Reporting Directive

(CSRD), the EU’s new directive for sustainability

reporting. As part of this initiative, the Group has

conducted a double materiality assessment aimed at

identifying material impacts, risks, and opportunities.

This assessment was performed prior to the EU

Commission’s presentation of the proposed changes to

CSRD, known as ”Omnibus.”

assessment in accordance with the Corporate

Sustainability Reporting Directive (CSRD). This

assessment involves identifying and evaluating

five main steps: defining the scope and ambition

level of the analysis, understanding the value chain

and relevant stakeholders, establishing a longlist

of sustainability themes, conducting the double

materiality assessment (identifying and evaluating

impacts, risks, and opportunities), and validating and

This thorough approach ensures that Spir Group’s

sustainability reporting is grounded in a robust

understanding of its material issues, enabling

Spir Group’s reporting segments, as well as the parent

company Spir Group ASA and the Audit Committee,

were included in the double materiality assessment.

This inclusion was done to share expertise and embed

comprehensive involvement ensures that company-

specific considerations are captured throughout the

analysis.

value chain is crucial for identifying relevant impacts,

risks, and opportunities. The value chain analysis

forms the foundation of the double materiality

assessment.

This mapping focused on the main activities within

evaluated. Insights from due diligence assessments

carried out in connection with the Transparency Act

were also incorporated into this work.

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Stakeholder identification was based on existing insights

and understanding of the various segments within Spir

Group. Additionally, an evaluation was conducted to

identify stakeholders relevant to the entire group.

Stakeholders were selected based on the

following criteria:

• The stakeholder has a relationship with

adequate coverage.

stakeholders, please refer to the dedicated section

“Performing the Double Materiality Assessment”.

36

conditions, and governance.

To identify these company-specific and industry-

specific topics, the following desktop research was

conducted:

• Analysis of other regulatory frameworks

• Peer analysis

• Media analysis

• Research on environmental impacts to

and included in the analysis.

During the workshops, all sustainability topics,

along with their sub-topics and sub-sub topics from

the longlist, were discussed to identify actual and

potential impacts, risks, and opportunities. Following

the identification, a scoring was conducted according

to the defined methodology.

Brief Methodology Summary: Impacts were

categorized as either positive or negative and

A scale from 1-5 was used to assess the given

long (>5 years). The methodology is in line with the

requirements in ESRS.

two external stakeholders highlighted the importance

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The following topics are considered material for Spir Group, based on the double materiality assessment:

Boxes in grey are topics that are not material to the Group. Text in italics indicates the material sub-topics.

38

Environment

on the climate and environment that are material.

However, Spir Group acknowledges that it does have

an environmental footprint, both through its own

activities and within its value chain.

The double materiality assessment has identified that

the key areas of environmental impact for Spir Group

are climate change and energy consumption, e-waste,

biodiversity and ecosystems, and resource use. Read

more about the different topics and how these are

relevant for the Group on the following pages.

associated with physical delivery. The storage of

with cloud-based solutions.

and stored in the cloud, it is less likely to be lost or

of traditional products. Despite this, it is important

to recognize that digital products and services do

consume resources, particularly energy. Spir Group

is aware of the resource demands associated with

digitalization, while the company remains committed

to developing new technology and digital solutions.

Energy Consumption

Spir Group relies on data centers for its daily

operations. These centers are essential for storing,

processing, and distributing large volumes of data.

to prevent server overheating, which is also energy

intensive. Consequently, Spir Group has value chain

emissions associated with data centers, contributing

category X ”Purchased Goods and Services.” See page

Scope 1 is not relevant for Spir Group, as the company

does not own or control any sources of direct

emissions.

The scope 2 emissions are spend based for those

companies where energy costs are reported

separately. For the remaining companies the

emissions are estimated based on average emissions

per employee.

on Spir’s ownership share of estimated scope 2

accounting have been identified as potentially

relevant but not significant.

granularity, making it difficult to identify specific

E-waste

As a software company, Spir Group uses a large

amount of electronic equipment, such as servers,

computers, and network devices. Additionally, the

company’s customers rely on electronic equipment to

access its services.

Proper disposal of electronic equipment is crucial

when it is no longer in use. E-waste can be harmful

to the environment if not managed correctly. This is

risks to humans and animals. Therefore, ensuring

To avoid unintended pollution as a consequence of

poor handling of e-waste, Spir Group has established

practices for handling electronic equipment. The

to ensure that e-waste is properly collected and

Metria AB offers services related to the collection

and analysis of climate and nature data, which

enhance the data foundation for better decision-