Hi, and welcome to the Q1 2025 investor presentation. My name is Ole Jakob Kjølvik, and I'm the Interim CEO of Arribatec. I will walk you through our financial performance for the first quarter and also share some of the key highlights from that period. The first quarter marked a significant moment in our turnaround journey. While we have faced financial challenges in recent periods, the actions we have taken are now translating into tangible improvements. Q1 2025 has been our strongest quarter ever, with strong growth and positive margins. We have delivered on our strategic realignment and cost efficiency initiatives. Revenue reached NOK 146 million, a 15% increase compared to Q1 last year, excluding discontinued operations. Just to be clear, the numbers being presented in this Q1 report are from continuing operations.
EBITDA landed at NOK 11.9 million, an improvement from Q1 last year of NOK 15 million. EBITDA margin for the group was 8% versus negative 2.5% compared to last year. Our cash position has strengthened to NOK 65 million, up from NOK 23 million at year-end 2024. We have completed the divestment of Marine and Hospitality with a combined equity valuation of NOK 37.5 million and are now a leaner and more focused organization of around 250 employees in our three remaining core business areas. We concluded 474 new contracts in the quarter with a total contract value of NOK 130 million. The total revenue for the quarter was NOK 146 million, with recurring revenue reaching NOK 66 million, now accounting for 45% of the total. EBITDA is positive at NOK 11.9 million, up from negative NOK 3.1 million in the same quarter last year, with an EBITDA margin of 8%.
In Q1, we incurred some severance costs related to our ongoing turnaround activities. It is also worth noting that in Q1 2024, that had two additional Easter holidays compared to Q1 2025, along with the corresponding days off that typically come with the Easter period. This should be kept in mind when comparing year-on-year performance. Regionally, Norway remains our largest market, contributing NOK 105 million in revenue, an increase of 12% year- over- year. Outside of Norway, which is mainly Sweden, the U.K., and Continental Europe, they delivered a revenue of NOK 41 million, a 25% increase year- over-y ear. This regional performance underscores our strategic focus on high-performing markets in Norway and in Europe as a whole. The turnaround strategy we have initiated last year is now delivering results. We have right-sized the organization, reduced corporate overhead, and optimized our operations.
The new management team has been refreshed with representations from each business area, and we have successfully divested marine and hospitality. In addition, we have relocated to a cheaper head office effective from May. Combined, these actions have strengthened the group, leaving it with a strong net cash position and profitable operations. The three remaining core business areas all delivered growth and positive margins. Business Services delivered NOK 83 million in revenue with an EBITDA margin of 13%. EIBPM generated NOK 28.9 million with a 12.5% margin. Cloud contributed with NOK 39 million with a 6% margin. These results reflect disciplined execution and improved operational efficiency across the group. We have seen consistent revenue growth across quarters, with recurring revenue representing 45% of the total. Compared to the first quarter last year, recurring revenue has grown 20%. The sales momentum remained strong.
In Q1, we signed 474 new contracts and scope extensions, totaling NOK 130 million, up from NOK 107 million in Q1 last year. As visible from the chart, the first quarter is typically relatively slow, but this year's 21% increase in sales compared to Q1 last year marks a solid improvement relative to previous first quarters. Some of the new logos and key contract extensions in Q1 are the European External Action Service EEAS, or EU agency in simpler terms, Alten Group in France, IVL Swedish Environmental Research Institute, Høgland Kraft in Norway. We have a contract with a Norwegian defense company, a new contract with Green Mountain, Gassco, Equinor, Lea Bank, Vor Energy, the British Red Cross, to mention a few of the new logos and extensions in Q1. The net cash flow from operations was NOK 11 million.
The seasonality in our business includes quite high annual prepayments from our customers, but also to our suppliers. This reduces our combined net receivables and payables, but is net positive for our cash position and contract assets. The key drivers behind our cash flow in Q1 were as follows. We started the year with NOK 23 million in cash. During the quarter, operations added another NOK 11 million. The divestment of hospitality and marine brought in NOK 31 million. At the same time, we fully repaid all interest-bearing debt, totaling NOK 32 million. The share issue contributed with NOK 39 million, allowing us to strengthen our financial position. All in all, this left us with NOK 65 million in cash at the end of Q1. In summary, 2025 marks a successful execution of our turnaround strategy. We are now operating much more lean, with stronger financials and a clear strategic direction.
We'll retain the focus on profitable growth and value creation. That was it for now, but we'll wait a few minutes. If you have any questions, you can use the web form, and we'll give you a couple of minutes. Thank you.
Hi, and welcome back. We have received one question that I would like to answer, and that is about the outlook. We have left out the outlook section from this quarter report, just to state that our primary focus in this quarter has been to ensure that we have profitable operations, that we have a positive cash flow, and that we also have a strong foundation to build the company on. We have, of course, discussed the outlook with the board and in the management team and internally, and at some point, we will share this also with the market.
Our focus now has been on profitability, and it will continue being that in addition to value creation. At some point, we'll share more on the outlook. Also, in risk of guiding the market, I don't want to say too much now on this, but what I can say is that the board and the management team are happy with the result in Q1, with the positive development and also with the overall performance in Q1. Another thing I would like to mention is that I mentioned this briefly also in the presentation, is that the Easter holiday came all in Q1 last year, and now this is set for Q2 this year. This is not unique to us, but it's just worth mentioning when you compare this quarter to the next one we will present later this year.
There has been some one-time effects also in Q1 that actually will make the Easter effect a bit smaller in the second quarter. Other than that, I'm, yeah, I don't want to go too much into detail on the outlook, but come back to that at a later stage. Let me just see if there's any other questions. No, that was it. Thank you again for your attention, and we look forward to seeing you next time. Bye-bye.