Good morning, everybody, and welcome to this Q2 presentation by StrongPoint and its results. My name is Jacob Tveraabak. I'm the CEO of StrongPoint. As always, I have Marius Drefvelin , our CFO, with me here today to take you through today's agenda. I'll start off with this quarter's highlights. First of all, we have an 18% growth in our revenue to NOK 350 million, driven by strong growth in the U.K., in Sweden, and the Baltics. Our recurring revenue is also growing very significantly with 16%. This is predominantly driven by our order picking growth and also a number of other solutions that we have, both proprietary but also third-party. Our EBITDA in the quarter is NOK 7 million, a NOK 16 million improvement from last year, which gets us to a slightly more than 2% EBITDA margin. We have cash flow from operations of plus NOK 20 million.
I'll dive more into the customer success stories for this quarter, but I must say we're very proud to have landed Carrefour Belgium with our order picking solution. We're also very proud to have landed a deal with a Nordic grocery retailer on AI-powered scales to be used out in stores. In this quarter, we are reaffirming our position in the Baltics as the go-to-market player when it comes to self-checkout solutions, with Coop Estonia ordering on exactly the self-checkout solutions. Now, for our new listeners, I'd like to just give a short introduction of what StrongPoint does. StrongPoint is a technology company focused on serving grocery retailers with efficiency-saving software and products. Last year, we had a revenue of about NOK 1.3 billion, of which about 1/3 is recurring. More than 80% of our revenue stems from grocery retailers, which is our focus.
We have around 500 staff across Europe. Our software solutions are developed in-house by our own development team. In short, our purpose is to bring retail technology into every shopping experience for a smarter and better life. Why? Because by doing that, we believe we can help grocery retailers increase their margins and save costs. In short, we make grocers more efficient. What about the technology solutions we provide? We essentially solve five problems for grocery retailers. I'll go into each of these steps. Firstly, e-commerce. We have an end-to-end e-commerce platform that is truly world-class. We provide everything a grocery retailer needs for e-commerce, from software to pick and process online orders to last-mile solutions. We're in particular proud of our proprietary order picking solution, which is the world's most efficient in-store picking solution. This solution is getting traction from one of the world's most esteemed grocers.
Additionally, we provide order picking and last-mile solutions aimed at ensuring the highest possible levels of efficiency and profitability for grocers. Secondly, we have theft and shrink. We have a number of anti-theft solutions, many of which are AI-powered. This includes our Vensafe Select and Collect, our AI-powered scales that we recently landed this Nordic deal on, and AI-powered theft detection in-store, both at checkout but also in aisle. Thirdly, we ensure store efficiency. We provide our proprietary self-checkout solution, ShopFlow Logistics, which is our proprietary SaaS-based inventory order and task management solution, AI-powered age verification, and also AI-powered shelf monitoring solution in cooperation with VusionGroup . Fourthly, we're helping customers with pricing and promotions. We provide digital solutions for pricing and promotions as a proud partner of VusionGroup , which is the world's leader in store digitization and the largest producer of electronic shelf labels.
Fifth, we're helping grocery retailers handle cash. Still, even with low single-digit percentage of cash usage, as we have in Norway and Sweden, the sheer volume of transactions in grocery stores means that cash needs to be handled efficiently. We are doing this through our CashGuard solution. Furthermore, we are developing a revolutionary cash automation solution with the largest grocery retailer in Liberia that makes cash handling as easy as using a payment card. That is short about what we do as a technology solution provider. Where do we operate? We have nine core markets which we focus on. These are the Nordics, the Baltics, the U.K. and Ireland, and Spain. These countries are places where we have our own teams on the ground, ensuring that we cover the entire value chain, from sales to installation to service and support.
We do that because that way we can capture more revenue and build deeper customer relations and intimacy. Customer intimacy is an extremely important value at StrongPoint. This is the way that we deepen our relationships with grocers and, over time, become trusted partners. However, we're not only limited to these nine countries. We serve grocery retailers in over 20 countries with the support from our partner network. In particular, with our award-winning order picking solution, we're showcasing our ability to serve customers well beyond our nine focus countries. This is a very important part of our strategy forward, building ever more recurring revenue with our order picking solution across the world. Now, back to this quarter, customer success. I want to point out these three specific wins, lots more, but three specific wins that we are in particular proud of.
Firstly, the fact that Carrefour Belgium has chosen StrongPoint's order picking solution. There are very few grocery brands that are as known internationally as Carrefour. This is an amazing win for us and yet another example of how our e-commerce solution is internationally scalable, and we are able to win major contracts with world-leading brands, also outside the nine countries in which we are very present. Secondly, we have sold more than NOK 20 million of AI-powered scales to a Nordic-based grocery retailer. These are AI-powered scales that provide instant product recognition. That means that when you place the item on the scale, it automatically recognizes this item. Let's face it, who hasn't been frustrated trying to look up a specific item on the scale menu? Not least for the grocer, this also means no more mistakes by its customers, whether intentional or accidental.
Our solution solves these customer pain points, and we're extremely proud of this accomplishment. Now, thirdly, Coop Estonia . We at StrongPoint have been working with Coop Estonia since 2016, and we have a longstanding relationship with this esteemed grocery retailer. This is what I mean when we say we build customer intimacy in our core markets. This reaffirms StrongPoint's position as the go-to-market player, certainly in the Baltics, when it comes to self-checkout solutions. We're adding now another 130 self-checkout units to Coop Estonia . Lastly, before handing over to Marius, I'd like to provide a short update on two of our strategic and long-term projects. Firstly, on Sainsbury's. I've said in the past, and I'm happy to say again, that the win of Sainsbury's in order picking is probably the most important customer win in the history of StrongPoint.
Not only is this a major project in itself, but it also opens opportunities both within Sainsbury's, as well as building credibility and opportunity outside and inside the U.K., both for order picking but also our other technology solutions. Regarding the rollout, nothing new compared to what has been communicated earlier, namely that we are still planning to be completed by the summer of 2026. We expect some more stores to be implemented now through summer and fall before the Christmas freeze period starts in September-October. In early Q1 next year, we'll roll out and continue on the rollout of our order picking solution at Sainsbury's. Secondly, we have our CashGuard Collect project. This is a project that we have been working with the largest grocery retailer in Liberia for quite some time.
It is building a revolutionary solution that automates the use of cash in store and significantly reduces the costs for retailers, making it both easier and faster for customers in store. Where are we on this very exciting project? The piloting continues, and the latest version of the solution is being tested in store. In addition, we are preparing additional units to be testing the solution with multiple checkouts simultaneously. We have an ongoing dialogue with the customer to prepare the industrialization of production of the solution. Right now, I'd like to hand over to Marius, our CFO, to share some more details on our financial performance. Marius, please.
Thank you, Jacob. I will now go through the key financials for the second quarter this year. Starting with revenue, the Q2 revenue this year was NOK 350 million, an increase of 18% compared to last year.
We had solid growth in the majority of our business units. In the U.K., revenue increased by 45%, driven by the ongoing AutoStore project, as well as ESL installations. In the Baltics, we had 24% growth, as we are continuing the rollout of several self-checkout orders. Finally, the Nordics increased by 10%, driven by higher volumes in Sweden across several products. This was partly offset by a 16% decrease in Norway, as we had large ESL rollouts last year. Moving on to recurring revenue, 12 months rolling. This increased by 16% compared to Q2 last year. This growth is fueled by a 45% increase in license revenue, mainly from our order picking on the back of the Sainsbury's contract that started Q2 last year. In addition, the growth was fueled by self-checkout solutions.
If we move to the EBITDA, this improved from -NOK 9 million in Q2 last year to a +NOK 7 million in Q2 this year. Last year included restructuring costs of NOK 10 million, but there were underlying improvements, particularly in the Baltics, the U.K., and Sweden. Furthermore, in Q2, we capitalized NOK 8 million in development costs, mainly for the CashGuard Connect project in Spain. Overall, we are pleased to deliver another quarter with positive EBITDA, even if we are not at the levels yet where we want to be. The improvement measures that we started on in late 2023 and further into 2024 have had positive effects. These were the main P&L items. Let's look at the cash flow movements so far this year. We started the year with NOK 82 million in cash and ended Q2 with NOK 84 million, so a fairly flat development.
This includes a positive contribution from the operating result of NOK 18 million and changes in working capital. Earlier this year, we increased the interest-bearing debt by NOK 20 million. We have spent NOK 23 million on CapEx relating to the development of the CashGuard Connect project in Spain and our own POS solution in the Baltics. Now, let's move further into the key components of the working capital development. Overall, working capital has decreased by NOK 5 million since the start of the year. This includes a reduction in inventory of NOK 33 million, mainly from deliveries of ESL s in Sweden and self-checkout in the Baltics. It also includes a reduction of grocery lockers in Sweden. This reduction was offset by increases in accruals and other short-term liabilities, mainly deferred income. To conclude, let's look at the development in net interest-bearing debt.
During the quarter, the net interest-bearing debt remained flat and ended at NOK 74 million. Similarly, there were a few changes in disposable funds, ending at NOK 84 million as per Q2. Finally, the equity ratio remained stable at 46% at the end of the quarter, as compared to our covenant of 30%. With this, I will hand it back to Jacob for some final remarks.
Thank you, Marius. Allow me to spend these last few minutes on sharing the outlook for StrongPoint. First and foremost, short term, we are pleased with the improvement in our EBITDA and in our recurring revenue base. Although it could be said that we were anticipating a faster improvement, we are, longer term, if we look at the longer-term fundamentals, very pleased with the traction we are having on order picking solution, our SaaS-based order picking solution. The expectations forward are high.
If you then look at where do we aspire to be, I'd like to reiterate our long-term financial ambition, which is to have a healthy revenue growth. Healthy meaning also seeing an increase in the recurring revenue base that we have, as well as an EBITDA margin that will get in excess of 10%. With that, I'd like to thank you all for listening and have a great day.