Parent Company financial statements

Parent statement of comprehensive income

Earning per share for profit attributable to the ordinary equity holers of the company:
		2025	2024
	Notes	NOK '000	NOK '000
Revenue from contracts with customers	3	802,919	601,637
Other operating income		66	538
Total revenue		802,985	602,175
Raw materials and consumables used		(210,548)	(167,784)
Employee benefit expenses	4	(133,996)	(173,246)
Depreciation and amortisation	5.1	(14,872)	(11,794)
Disposal of property, plant and equipment		-	(2,391)
Other operating expenses	5.2	(262,322)	(180,539)
Total operating expenses		(621,738)	535,754
Operating profit/(loss)		181,247	66,421
Net finance income and finance expenses	6	(580)	18,317
Profit before tax		180,666	84,738
Income tax expense	7	(42,646)	(18,689)
Profit/(loss) for the year		138,021	66,049
Total comprehensive income for the period attributable to the ordinary shareholders of the parent company		138,021	66,049
Earnings per share
- Basic earnings per share	8	3.63	1.76
- Diluted earnings per share	8	3.63	1.76
Average number of outstanding shares in thousands
- Basic	8	37,971	37,548
- Diluted	8	37,971	37,548

Parent Company statement of financial position

ASSETS
		31 December 2025	31 December 2024
	Notes	NOK '000	NOK '000
Non-current assets
Property, plant and equipment	9	27,376	11,988
Intangible assets	10	66,005	871
Right-of-use assets	11	40,427	46,831
Investments in subsidiaries		71	44
Deferred tax assets	7	1,631	-
Total non-current assets		135,510	59,734
Current assets
Inventories	12	42,108	43,510
Trade receivables	13	165,422	89,113
Other current assets	14	40,310	28,924
Financial assets at fair value through profit or loss	20	438,608	133,611
Cash and cash equivalents	15	33,870	72,253
Total current assets		720,318	367,411
Total assets		855,828	427,145

EQUITY AND LIABILITIES
		31 December 2025	31 December 2024
	Notes	NOK '000	NOK '000
EQUITY
Share capital	22	1,237	794
Share premium	22	109,232	14,445
Treasury shares	22	(19)	(44)
Other reserves		606	606
Retained earnings		480,025	243,857
Total equity		591,081	259,658
LIABILITIES
Non-current liabilities
Lease liabilities	11	41,564	47,841
Deferred tax liabilities	7	3,339	297
Other non current liabilities	18	26,906	-
Total non current liabilities		71,809	48,138
Current liabilities
Trade payables	16	52,399	17,535
Other current liabilities	17	90,939	80,865
Lease liabilities	11	6,277	3,411
Tax liabilities	7	41,233	15,109
Provisions	19	2,090	2,429
Total current liabilities		192,937	119,349
Total liabilities		264,747	167,487
Total equity and liabilities		855,828	427,145

Oslo, 17 March 2026

Board of Directors of Appear ASA

Terje Rogne
Chairman of the Board

Arne Græe
Board Member

Brita Eilertsen
Board Member

Kenneth Ragnvaldsen
Board Member

Anette Willumsen
Board Member

Thomas Bostrøm Jørgensen
Chief Executive Officer

Parent Company statement of cash flows

CASHFLOW FROM OPERATING ACTIVITIES
		2025	2024
	Notes	NOK '000	NOK '000
Profit/(loss) before income tax		180,666	84,738
Adjustments for
Depreciation and amortisation	5.1	14,872	11,794
Disposal of property, plant and equipment		-	2,391
Net interest income & finance expenses		251	(1,734)
Net fair value (gains)/losses on money market funds	6	(9,998)	(5,940)
Net fair value (gains)/losses on forward exchange contracts		-	-
Non-cash items		(459)	(3,209)
Movement in working capital
Decrease/(increase) in inventories		1,112	(19,705)
Decrease/(increase) in trade receivables		(76,662)	(32,221)
Decrease/(increase) in other current assets		(11,386)	(2,381)
Increase/(decrease) in trade payables		34,864	(12,619)
Increase/(decrease) in other current liabilities		36,305	30,849
Income taxes paid		(15,110)	(219)
Total cash flow from operating activities		154,456	51,744
CASHFLOW FROM INVESTMENT ACTIVITIES
Purchase of property, plant and equipment	9	(21,316)	(9,535)
Purchase of on intangible assets	10	(66,237)	-
Purchase of money market funds	20.1	(335,000)	(40,000)
Proceeds from sale of money market funds	20.1	40,000	-
Interests received		3,111	4,558
Total cash flow from investment activities		(379,442)	(44,977)
CASHFLOW FROM FINANCING ACTIVITIES
Repayment of lease liabilities	11	(3,411)	(2,505)
Interests paid		(3,362)	(2,818)
Proceeds from issue of shares	22	95,230	-
Proceeds from sale/(purchase) of treasury shares	22	98,172	(593)
Total cash flow from financing activities		186,629	(5,916)
Net change in cash and cash equivalents		(38,357)	851
Cash and cash equivalents at the beginning of the period		72,253	71,402
Cash and cash equivalents at the end of the period	15	33,870	72,253

Parent Company statement of changes in equity

NOK thousands	Notes	Share capital	Share premium	Treasury shares	Other reserves	Retained earnings	Total equity
Balance at 1 January 2024		794	14,445	(43)	606	178,400	194,202
Profit/(loss) for the year		-	-	-	-	66,049	66,049
Total comprehensive profit/(loss)		-	-	-	-	66,049	66,049
Purchase of own shares	22	-	-	(1)	-	(592)	(593)
Balance at 31 December 2024		794	14,445	(44)	606	243,857	259,658
Balance at 1 January 2025		794	14,445	(44)	606	243,857	259,658
Profit/(loss) for the year		-	-	-	-	138,021	138,021
Total comprehensive profit/(loss)		-	-	-	-	138,021	138,021
Transfer between reserves	22	397	(397)	(21)	-	21	-
Issue of new share	22	45	95,184	-	-	-	95,230
Sale of own shares	22	-	-	46	-	98,125	98,172
Balance at 31 December 2025		1,236	109,232	(19)	606	480,025	591,081