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Spir Group ASA Q3 2025 CEO Per Haakon Lomsdalen CFO Line Cecilie Stenseth 11 November 2025 2 Financial Review 3 Outlook and M&A status 1 Business highlights Agenda
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Business Highlights Q3 2025
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What we do? Spir delivers mission-critical data, software and geo-information services to the real estate industry in Norway and Sweden. How we do it? Based on our unique property data and geoinformation, we build software solutions that help our customers digitize and simplify their mission-critical real-estate processes, driving cost efficiencies and value creation. Results Revenue increase above market growth and improved profitability through revenue growth and cost optimization. Scale Spir’s revenues are driven by increasing average revenue per property transaction, new customer acquisitions and upsell for our SaaS solutions, and increased utilization of our GIS consulting services. Q3 marked another step in Spir’s growth journey BUSINESS HIGHLIGHTS 50 100 800 0 850 900 950 Q1 2024 1.1% Q2 2024 1.5% 935 810 947 832 Q3 2025 7.5% 856 Q2 2025 6.7% Q1 2025 6.5% Q4 2024 875 5.1% Q3 2024 919 1.2% +11% LTM Revenue Adj. LTM Cash EBITDA %
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4 Business highlights in Q3 BUSINESS HIGHLIGHTS Line: Sender mail til P&L lederne og ber om input. Eirik Vigeland: Visuelle på sliden og storyline. Market highlights • Strong 15 % increase in registration services (Tinglysning), compared to Q3 2024. • Boligmappa and iVerdi launched a new solution making Boligmappa the communication hub between the home seller and the surveyor. This increases the relevance for both systems, which makes for safer transactions. • New iVerdi deals: Real estate agents can now order home inspection reports in IVIT for approximately 70% of all home sales in Norway. • Metria’s digital map solutions (Metria Maps) brought in SEK 12.4 million through successful renegotiations and new contracts, including 13 new or expanded deals worth SEK 1 million. • Solid 17 % increase in Byggesøknaden compared to last year. • AI portfolio expanded with the acquisition of Prosper AI’s real estate broker solutions, strengthening our offering to real estate professionals and helping our customers save valuable time with sales prospectuses. • Divestment of Hjemla completed, aligning with our strategic focus on core data and AI-driven solutions R&D, AI and Innovation • 14,2 MNOK granted from The Research Council of Norway, together with If, Vis Forsikring, Sintef and NTNU. The project will focus on projecting and recommending future maintenance and renovation needs. • iVerdi launched a new AI assistant in IVIT, increasing the quality and reducing the number of claims towards home seller insurance.
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Saving time and elevating quality in property sales by combining Spir’s data and services and empowering them with AI 5 BUSINESS HIGHLIGHTS 1 Surveyor reviews property documents & data 2 Surveyor produces condition report using iVIT AI Assistant 3 Surveyor QAs condition report with iVIT AI Peer-Review 4 Home seller e- signs surveyor report, and consents to sharing condition data 5 Real-estate agent produces property brochure with Ambita AI .AI
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Financial Review Q3 2025
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MAIN DEVELOPMENTS • Proforma revenue up 6% while number of properties put up for sale is down by 2% • Ambita revenue up 7% despite main driver down (Number of properties) • Metria flat revenue due to open data • Revenue from iVerdi increased by 21% due to increased number of valuation reports, new customers and new products (e.g. AI Assistant) • Revenue from Boligmappa increased by 15% Revenue increase of 6% while reduction in number of properties put up for sale FINANCIAL REVIEW 12% 15% 18% 18% 14% 14% 22% 20% Q/Q PRO FORMA REVENUE DEVELOPMENT (MNOK) 0 50 100 150 200 250 1.0 8.4 14.8 72.0 127.0 Q3 2024 1.4 10.2 16.0 71.9 136.5 Q3 2025 223.3 236.0 +6% 7 Other iVerdi Boligmappa Metria Ambita
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MAIN DEVELOPMENTS • LTM Gross Profit increased by 17% from LTM Q3 2024 • Gross margin improvement due to lower COGS and growth in high-margin products within the group • LTM gross margin increased from 52.7% in Q3 2025 to 55.8% in Q3 2025 • Revenue in Metria flat, but improved gross margin due to lower COGS (Open data in Sweden). Gross profit and gross margin improvement FINANCIAL REVIEW 12% 18% 18% 14% 14% 22% 20% 8 GROSS PROFIT (MNOK) AND GROSS MARGIN DEVELOPMENT 1) 450 0 500 550 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025Q1 2024 432 Q3 2025 451 478 500 517 529 439 +17% LTM Gross Profit 50 55 60 0 53% 53% Q1 2024 49% 53% Q2 2024 52% 53% 60% 55% Q4 2024 53% 54% Q1 2025 53% 55% Q2 2025 55% 56% Q3 2025Q3 2024 Gross Margin LTM Gross Margin 1) Pro forma figures
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MAIN DEVELOPMENTS • Total cost increased by 6% due to index and salary increase • Personnel increased by 17% due to salary increase, replacement of external resources and lower Capex • Capex reduced by 52%. Boligmappa contributes strongly to the development through scaling down external development resources. • Adjustment of MNOK 3.1 (MNOK 1.7 in 2024) in personnel costs and MNOK 4.3 (MNOK 0.9 in 2024) in Other OPEX. Normalized growth in OPEX shows disciplined cost control FINANCIAL REVIEW 15% 18% 18% 14% 14%22% 20% Q/Q ADJ. OPEX DEVELOPMENT (MNOK) 1) 0 40 80 120 58.4 22.1 15.5 Q3 2024 68.6 25.5 8.0 Q3 2025 96.1 102.0 +6% 9 Personell Other OPEX Capex 1) Pro forma figures
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MAIN DEVELOPMENTS • Adj. Cash EBITDA improvement through revenue increase and reduced CAPEX • Boligmappa adj. cash EBITDA positive for first time this quarter (MNOK 2 in Q3 2025 compared to MNOK -1 in same quarter last year) • Strong improvement in LTM adj. Cash EBITDA Cash EBITDA improvement through revenue increase and reduced CAPEX FINANCIAL REVIEW 15% 20% Y/Y ADJ. CASH EBITDA (MNOK) AND ADJ. CASH EBITDA MARGIN 1) 10 0 5 10 15 20 25 30 Q3 2024 Q3 2025 18.1 27.5 +52% 11.6%8.1% 10 9 13 44 60 62 71 0 50 100 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +446% LTM Adj. Cash EBITDA LTM ADJ. CASH EBITDA (MNOK) DEVELOPMENT 1) 1) Pro forma figures
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NET INTEREST BEARING DEBT (NIBD) • Reduced interest bearing debt by MNOK 658 compared with end of Q3 2024. • Negative NIBD in Q3 2025 • NIBD/LTM cash EBITDA improvement (0 at end of Q3 2025) Balance sheet and Cash Flow FINANCIAL REVIEW 12% 15% 22% 20% 11 530 597 685 708 582 649 -9 54 67 53 16 10 10 0 -100 0 100 200 300 400 -200 0 200 400 600 800 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NIBD NIBD/LTM Adj. Cash EBITDA 27 12 4 Cash EBITDA -4 Lease -12 Interest 2 Tax Free Cash Flow Q3 2025 Free Cash Flow Q3 2024 FREE CASH FLOW AND CASH CONVERTION • Free cash flow improved by MNOK 8 compared to same quarter last year • Reduced interest expenses going forward as result of reduced debt NIBD defined as Interest bearing debt and lease liabilities deducted cash and seller credit
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Outlook and M&A Q3 2025
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Outlook – Revenue increase and improved profitability OUTLOOK Spir aims to deliver consistent year-on-year revenue growth, with a clear commitment to strengthening Cash EBITDA and driving sustainable profitability ▪ Long term organic revenue growth 6-9% ▪ Accretive M&A ▪ Maintain robust financial position ▪ Shareholder distribution (40-60% of cash EBITDA) through buy-back or dividend ▪ Strong focus on improving Cash EBITDA, targeting long-term 12- 15% Revenue growth Capital allocationCash EBITDA ▪ Normalized growth of 5- 8% in OPEX ▪ Salary increase, index adjustment and general cost increase ▪ Cost reduction program in 2026 of > MNOK 20 OPEX 13
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Driving Strategic growth through targeted M&A 14 M&A UPDATE 2024 Acquiring the market-leading software provider for appraisers 2025 Acquiring the market-leading tool for AI generated sales assignments ▪ Companies that deliver real-estate software, data and/or geo-information services to our core customer segments in the Nordics ▪ Product synergies – complementary software solutions increasing revenues per property transaction or increases subscription revenues (ARR) ▪ Accretive to own valuation ▪ Financing by debt, shares or earn-outs M&A rationale / Playbook More than 5 targets in various stages Targets 2025 Buying the remaining 5,6% of the shares 2022 Acquiring a leading provider of geoinformation and planning & surveying services in Sweden Acquiring a leading position within digitalization of the real estate and property markets in Norway 2021
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15 Thank you! Do you have any questions? Feel free to contact us! line.stenseth@spirgroup.com
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Disclaimer This Presentation and the information contained herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Information provided on the market environment, market developments, growth rates, market trends and on the competitive situation in the markets and regions in which the Company operates is based on data, statistical information and reports by third parties and/or prepared by the Company based on its own information and information derived from such third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. FORWARD LOOKING STATEMENTS. Matters discussed in this document may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "will," "may," "continue," "should" and similar expressions. Forward-looking statements include statements regarding objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; and developments in the Company’s markets. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company and the Manager believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause the actual results of the Company or the industry to differ materially from those results expressed or implied in this document by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement. THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED. NO UPDATES. Nothing contained in the Information is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, the Information speaks as of the date hereof. Neither the delivery of this presentation nor any purchase of any of the securities, assets, businesses or undertakings of the Company shall, under any circumstances, be construed to indicate or imply that there has been no change in the affairs of the Company since the date hereof. In addition, no responsibility or liability or duty of care is or will be accepted by the Company or the Manager for updating the Information (or any additional information), correcting any inaccuracies in it which may become apparent or providing any additional information. The Information is necessarily based on economic, market and other conditions as in effect on, and the information made available to the Manager as of, the date hereof or as stated herein. It should be understood that subsequent developments may affect such information and that the Company and the Manager have no expectation or obligation to update or revise such information. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as legal venue. 16
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Appendix Historical financial proforma figures, adjusted for acquired and divested business 17
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Updated proforma financials APPENDIX 18 Revenue (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Ambita 110 137 115 82 109 153 127 94 140 165 136 Boligmappa 11 11 11 13 13 14 15 16 16 16 16 Metria 72 75 62 74 74 74 72 84 77 78 72 Iverdi 7 8 8 6 7 10 8 7 10 12 10 Other/elimination 2 0 3 3 0 1 1 -5 4 -3 1 Total revenues 202 231 199 178 203 252 223 197 247 268 236 Gross Profit (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Ambita 44 55 46 37 43 59 50 54 55 63 55 Boligmappa 11 10 11 13 13 14 15 16 16 16 15 Metria 45 47 38 47 45 43 43 52 50 54 48 Iverdi 6 5 6 3 6 9 7 6 8 10 8 Other/elimination 1 0 3 2 1 0 2 -11 0 0 3 Total Gross Profit 107 117 104 102 108 124 117 118 130 142 129 ARR (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Total ARR 193 193 194 200 200 205 221 233 224 216 216
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Updated proforma financials APPENDIX 19 Personnel (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Ambita 22 17 21 22 23 22 22 Boligmappa 8 7 4 7 8 5 5 Metria 27 29 21 28 30 29 27 Iverdi 2 1 3 3 3 4 4 Other/elimination 10 12 11 7 14 13 13 Total Personnel 0 0 0 0 68 65 60 66 78 73 71 Other Opex (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Ambita 9 9 8 17 12 8 10 Boligmappa 9 7 7 7 5 8 5 Metria 8 7 7 9 9 9 8 Iverdi 2 2 1 1 2 2 2 Other/elimination 2 1 0 3 -1 4 5 Total Other Opex 0 0 0 0 28 27 23 37 27 31 30 EBITDA (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Ambita 16 30 22 11 13 33 21 16 20 33 23 Boligmappa 0 -1 1 0 -3 0 4 3 4 3 5 Metria 13 8 9 11 10 7 15 15 11 16 13 Iverdi 4 3 3 -1 2 6 3 2 3 4 2 Other/elimination -7 -6 -6 -8 -10 -13 -9 -10 -13 -18 -15 Total EBITDA 26 34 29 13 12 33 34 25 25 38 28
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Updated proforma financials APPENDIX 20 Adjusted EBITDA (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Ambita 16 30 22 11 13 33 22 14 20 33 23 Boligmappa 0 -1 1 -2 -3 0 4 3 4 3 6 Metria 16 11 11 13 12 9 15 17 12 17 15 Iverdi 4 3 3 -1 2 6 3 2 3 4 2 Other/elimination -5 -5 -6 -12 -10 -13 -10 -8 -13 -15 -12 Total adjusted EBITDA 31 38 31 9 14 35 34 27 26 42 35 Cash EBITDA (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Ambita 12 26 18 38 10 28 18 12 17 31 22 Boligmappa -6 -7 -4 -12 -7 -6 -1 -3 -2 -2 1 Metria 8 4 5 5 4 1 11 9 8 11 11 Iverdi 0 0 1 -5 -1 2 0 -1 2 -5 1 Other/elimination -8 -7 -8 -13 -7 -6 -9 -7 -13 -18 -15 Total Cash EBITDA 6 16 12 12 -1 19 19 10 12 17 20 Adj. Cash EBITDA (MNOK) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Ambita 12 26 18 8 10 28 19 10 17 31 22 Boligmappa -6 -7 -4 -14 -7 -6 -1 -3 -2 -1 2 Metria 11 7 7 7 6 3 11 11 9 11 14 Iverdi 0 0 1 -5 -1 2 0 -1 2 -5 1 Other/elimination -6 -6 -8 -17 -10 -8 -10 -7 -13 -15 -12 Total adjusted Cash EBITDA 11 20 14 -22 -2 19 18 9 13 22 27
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