Please, look at our disclaimer. Hi, and welcome to our quarterly presentation. Presenting our quarterly report, my name is Nicolay Moulin, and I'm the CEO of Spir Group. As usual, I have with me Camilla Aardal, CFO of Spir Group. Spir Group is a technology company based on unique data and modern technology platform, and deep domain expertise contributes valuable insight and seamless digital services for public sector, private businesses, and citizens. The group's services are delivered through five segments, public, private, consumer, analysis, and Metria. The various products and services are well connected and will create synergy for both the public and private sector. An important milestone for us was the acquisition of Metria, which enable us to take an important step towards achieving the ambition of becoming a true Nordic player. As a technology company, technology is, of course, a differentiator by. But just as important are the employees. Attracting the right talent is key, and the competition in the market for both developers and consultants is tough. We are investing heavily in employment branding and strengthening our collaboration with universities and colleges in the Nordics. In Q2, we achieve another milestone in uplisting the Sikri share to Euronext Oslo Børs. With strong foundation we have within public administration, property technology, analysis, and data, we will continue to focus on both organic and inorganic growth and looking forward to the support of a wider and deeper pool of investors and the capital market. The group 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. Customer types varies across the group's segment. Now to some financial updates, and I will give the floor to Camilla. Revenue for the second quarter was NOK 312 million, down from NOK 321 million in 2021 in pro forma terms. This implies a negative organic growth, which also is impacted by a negative currency development. The main reason for the development in revenues is that the real estate market is in a downward cycle so far this year compared to an exceptionally positive first half of 2021 when the market was recovering after the impacts of the pandemic. The real estate market is a strong driver for both our private and Metria segments. It is important to note that our market share is high and stable within the same areas, that in a typical 12-month cycle, the number of properties sold is stable, so a recovery may be expected. Within our public segment, we continue to win new contracts, and our win rate was 55% for the second quarter. Our consumer segment has also had a strong positive development with almost 100% growth in sales of new agreements in Q2 compared with last year. For the group in total, our annual recurring revenue is at NOK 421 million. This is pure subscription revenues annualized. In addition, a lot of our transactional business within real estate is recurring in nature, making approximately 80% of our total revenue predictable, although some of it fluctuates with the market. Adjusted EBITDA for Q2 was NOK 48 million, a result of the revenue development, cost pressure in our supplier markets and within labor costs, as well as some normalization of costs after the pandemic. We are delivering on our inorganic growth targets and the acquisition of Metria this year and of Ambita in May 2021 lead to inorganic growth in Q2 of 95%. After a strong Q1, the turbulence in the marketplace is now impacting our results, especially in regards to the real estate market, which was very strong in the first half of 2021. The number of properties put up for sale in Norway in Q2 were down 9.1% against Q2 last year, and comparable developments are seen in the Swedish market. We have developed more services around our real estate information services, enabling us to grow our revenue per customer while we are also defending our market share, leading to a lower drop in revenue than one might expect. As we continue to develop new services, our goal is to improve this development further. Our EBITDA margin is impacted by the drop in revenue but also by a challenging supplier and recruitment market. We're using a higher share of external consultants to deliver our services and develop our software at a higher cost than internal employees. As Nicolay mentioned, we have increased our efforts within employment branding and established a trainee program with universities to enable us to strengthen our own capabilities going forward. In the public segment, we are delivering on our growth targets, achieving an increase of 19% in subscription revenues compared to Q2 2021. The transformation to cloud materializes in less one-off license revenues in Q2. Furthermore, pressure in the recruitment market leads to somewhat flat consulting revenues, and we are also forced to compensate in some deliveries, as I mentioned, by using external consultants, reducing our gross margin. We're implementing new ways of recruiting to repair the situation, and our goal is to ensure that this is a short-term impact. Our high win rate ensures that we're still on track converting and winning new customers onto our software as a service platform. Based on the high number of wins during 2021, we've been able to develop our recurring revenue quarter over quarter. With annual recurring revenue of NOK 166 million, we have an increase of 11% against H1 last year. We are pleased with the quarterly churn of only 1.1%. We now have a total of 146 customers on our cloud solution, an increase of 78% from Q2 2021, and we have a 61% increase in the number of EiendomsMegler customers. All in all, our win rate compared with a low churn means that we're still well-positioned to continue the steady growth in revenues within the public segment. Revenues within the private segment are down 5.5% in Q2, but flat for H1 compared to last year. As mentioned, 2021 was exceptionally strong, so our ability to almost track last year's revenue is important to note. Our revenue mix is improving, and we have expanded the number of services delivered to our customers. We're facing pressure on costs, and we also have a normalization of costs for travel, marketing, and sales against last year, leading to an EBITDA reduction of NOK 4 million in H1 comparative terms. A high share of revenues in the private segment come from our Infoland offering, which is the sale of data packages used in real estate transactions. As such, revenues in this segment are highly correlated with the number of properties put up for sale, as shown here. The correlation is strong, but a reduction in number of properties put up for sale of 9.1% in Q2 did not translate into a strong drop in revenue. It was 5% in Q2 and flat for the half year. The reason for this is that we're able to expand our offerings and sell more services to each customer, increasing our volume of sales in each real estate transaction. Again, on a longer-term perspective, the market is expected to stabilize or the number of properties sold, but this of course depends on a number of market drivers. The consumer segment consists of Boligmappa AS and Iverdi AS, who are collaborating on further developing the Boligmappa solution. This is an area where we're making significant investments in developing more functionality and improving the platform, as well as an increase in IT and platform costs and marketing and communication costs. The increased volume of new agreements is materializing in increased annual recurring revenue, and going forward, we will strive to achieve our ambitious plans for the solution. This quarter has been the strongest yet in the history of Boligmappa, with sales 98% higher in Q2 compared to last year and an increase in the number of Boligmappa B2B customers with 26% since Q1 this year. These successes have materialized in end of quarter ARR of NOK 35 million. The analysis segment delivers stable results compared to last year, both in Q2 and for the first half of the year. The higher volatility in the construction market is still driving requests for data analysis and decision-making information. Annual recurring revenue within this segment is at NOK 69 million. Revenues within the Metria segment are below last year levels, down 6% year to date compared to last year. In addition to the downward cycle in the real estate market driving a reduction in revenue, we have a higher level of external consultants compensating for internal capacity at a higher cost. This leads to a reduction in gross margin, but we are able to compensate by cost reductions in other areas, limiting the impact on EBITDA to a large degree. We believe that there are many positive synergies to be found between Metria and the other segments, and an integration project is underway where we will address our ability to exploit a broader portfolio of services in the market space. Many of the Spir Group solutions are generic and can be applied across the borders between Norway and Sweden, and our goal will be to develop these further and improve financial results going forward. The Metria revenues, we haven't presented this before. The share of revenues within the Metria segment are 44% consulting, projects and consulting revenue, 26% subscription revenues, and 30% transactional revenue, which is driven in much the same way as the private segment revenues and connected to the real estate market. In the same way as we're doing within private, we are investing in new services, and we have a stronger growth in new services where the volume is not yet so strong. I know Nicolay Moulin will come back to talk about one of those products that we have developed, which is very exciting. Okay. Summary, despite a drop of 8% in properties put up for sale in H1 this year compared with 2021, revenues are close to the same level. We have been able to grow our revenue through more services offered to our customers, development of new products, and defending our market positions, as well as growing annual recurring revenue within public and consumer segments. In fixed currency terms, we deliver organic growth for the full half year of 1.5%. Pressure on costs, inflation, and a tough recruitment market lead to a reduction in EBITDA margins, and we're also experiencing a normalization of OPEX in comparison to 2021. Recovering our margins to target levels will be a key focus going forward and highly focused in the integration project. Operational cash flow for Q2 was NOK -28 million, while H1 was at NOK 72 million. Seasonality impacts operational results of all segments, and for public, yearly invoicing of many customers in January each year also impacts the quarterly development of cash flow. Our cash generation ability remains strong. We acquired Metria AB in April and are presenting consolidated financial position for the group per June thirtieth. The increase in non-current assets is mainly due to the acquisition, and we have also increased our investments in development of technologies, especially focused on our Boligmappa solution. We capitalized development cost in Q2 of NOK 25 million, where a larger share than previously was cost for external development capacity. Current assets have increased during H1, mainly due to the increase in receivables from Metria, the increased cash flow from operations, and a high level of invoicing during Q1. Equity is impacted by the ESPP program completed in June, where employees of the group purchased shares for NOK 6.7 million, as well as changes in other equity. Our liabilities have increased as a result of the financing of the Metria acquisition, where borrowings have increased net by NOK 616 million, and lease liabilities have increased by NOK 33.5 million. Trade payables have increased as a result of implementing Metria balance sheet into the consolidated figures. Our net interest-bearing debt is at NOK 1,083 million, including the short-term bridge loan. As a result of more uncertainty in the markets, we have chosen to implement interest rate hedging mechanisms for parts of our bank debt. For the time being, we are comfortable with our financial position. Nicolay, you will take us through some operational updates. Thank you very much, Camilla. "Who Has Succeeded?" Title of the lecture at this year's digitalization conference by the Norwegian Digitalization Agency. Our technology, services, and knowledge has been crucial to success. In Q2, we have launched the service, Digital Kjøpekontrakt, buyer's agreement for brokers, and we will continue to develop and improve services that creates value across the public and private sectors and for citizens. As we have communicated previously, we acquired Metria organization in April, an acquisition we are very excited about. The combination of Sikri Holding and Metria strengthened both companies financially, competitively, geographically, and from a product offering and competence perspective. Metria's strong position in the market for property and real estate information in Sweden is to a large extent similar to our position in the Norwegian market. However, the two companies also have complementary strength as a good basis for synergy. The combined forces will ensure a strong Nordic platform with scale, an integration project was kicked off in May, with a main focus on increased sales across countries and product synergies. For the public segment, we had a win rate of 55% in Q2 coming from winning public bids. We are bidding on almost all public bids where we have a product or service fit, and at the same time, we upgrade our existing customer base from on-prem to our cloud solution. The win rate in H1 was almost at 62%. We experience a pull from customers towards cloud. Almost 100% of all new customers are using our cloud. Trondheim Municipality, the third most populated municipality in Norway, is one of our new cloud customers from a bid in Q2. They write the following in their award letter, "The offer meets all the requirements and expectations from a requirement specification. The solution offered works to be in step with modern principles for a software as a service solution." Furthermore, more functions are being developed, which reassures the customers that it is a solution that will satisfy both current needs and at the same time contribute to developing our relationship with case management in a positive direction. Record keeping is in some areas in public sector as a little bit too slow according to Riksrevisjonen. That is one of the reasons Sikri has introduced the new software solution, Sherpa, in Q2, trying to automate record keeping towards our document handling system. This is an example of our growing business delivering digital automation using AI and RPA. It is strategically important for us to develop new products and services within the real estate market. Q2 shows a growth in revenue of 9% for our building application solution, Byggesøknaden, and an increase in the number of paying customers of 10% within Tinglysing and Samhandling. A new service has been launched for real estate agents. As mentioned, Digital Kjøpekontrakt, digital purchase agreement. The service provides major efficiency gains for both Norwegian banks and real estate agents, and at the same time, providing improved customer experience for the buyer. With digital purchase contract, the real estate agent information about the home is directly imported into the professional system of the buyer's financing source, reducing the need for manual exchange of information. Sharing the data through a secure channel also ensures GDPR compliance from Q2. New bank customers are using our API to integrate property information for use in their loan application process. The planning process is another service with a lot of opportunities. The solution digitalizes the planning process for private and public planning proposals. A new and more user-friendly and flexible version of Infoland Meglerpakker is rolled out to new customers and is continuously improved based on customer feedback. Infoland is using our Piksel technology to support file compressions and conversion of files for a safer delivery to our customers. Developing new services and increasing our product footprint towards our customers is an important strategic priority for the private segment. As a result, we see that nine out of ten customers have increased their use of our services during the past 12 months. This quarter has been the strongest in the history of Boligmappa, with sales 98% higher in Q2 compared to last year, second quarter, as previously mentioned. The growth was primarily driven by three factors. Firstly, a new enterprise deal was signed with Elkjøp, one of Norway's largest chain of electricians. Secondly, the new property transaction law increased the relevance of Boligmappa and united a lot of companies to sign up for licenses. Last, property owners are increasingly demanding craftsmen to document the work they perform in Boligmappa, creating a strong pull effect on craftsmen to sign up. The factors create remarkable boost in digital sales with all-time high, both in terms of revenue and the number of licenses sold. The Boligmappa.no service has been augmented with several new features, focusing on property value by integrating features from Iverdi, such as price development and comparable properties in a homeowner's area. Media attention has been high during summer. More than 40 media outlets have created stories based on data and statistics about Boligmappa, and we see a strong increase in consumers' awareness around our brand and products. Our ambition is that all property owners know about the user and use Boligmappa. Brand recognition search in Q2 with a 9% point increase from Q1. More than 51% of all property owners in Norway now know about Boligmappa. Spir Group delivering a second quarter result in line with expectation. Prognosesenteret has developed its own construction cost model, which is now in the market. This platform is expected to be an important contributor for both public and private actors to handle and understand the market changes that are occurring. ByggeBolig.no still shows strong user numbers and engages homeowners to a large extent, with an average of 480,000 monthly unique users. Metria has been able to develop new applications for existing and new customers. As a result of doubled electric usage, the Swedish energy network is in need of extensive investment, expected to be around 700-800 billion SEK in the coming years. Including digital solutions for streamlining its processes, we have developed a solution to address this, and Markkoll provides a solution for faster permit applications. With this solution, the customers achieve several positive effects, more efficiency in identifying of infrastructure corridors, digitalized consulting processes with stakeholders, more efficient land management processes, and an automated generator of land leases agreement. This is one example of several Metria solutions that are relevant for the Norwegian market, and we are already now looking further into how to make necessary adjustments so this portfolio of software as a service solutions can be introduced to the Norwegian market. In summary, Q2 was an exciting and challenging quarter, where inorganic growth has been high, but we are navigating in an uncertain market. We remain committed to our long-term ambition in building a true Nordic powerhouse for public administration, property technology, analysis, and data. The next period will be dedicated to identifying positive synergies between existing and newly acquired services and products. By that, I will say thank you for listening in, and have a good day.
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