Annual report 2025

Appear ASA is a Norwegian technology company headquartered in Oslo. The Company develops and delivers solutions for processing, transport and delivery of live video for the broadcast, media and sports industries.

The Company’s product portfolio spans the live broadcasting value chain across three segments: Acquisition, Processing, and Consumption. Appear’s principal product is the X Platform, a hardware platform for video compression and transport. In 2025 the Company launched the X5 Platform targeting smaller-scale productions, and continued development of the VX Media Gateway, a cloud-native software platform for production processing.

Over time, Appear has built a significant international position in the market for live media processing solutions, serving leading broadcasters, content owners and telecommunications operators worldwide.

Appear serves customers across all major geographies with offices and legal entities in Norway, Sweden, the United Kingdom, Singapore, and the United States.

In October 2025, the Company was converted from Appear AS to Appear ASA. On 6 November 2025, the Company’s shares were listed on Euronext Oslo (ticker: APR).

Group revenue for 2025 was NOK 800.9 million (2024: NOK 605.6 million), representing growth of 32.3 percent.

Operating profit (EBIT) was NOK 170.7 million (2024: NOK 73.1 million), while net profit for the year was NOK 129.2 million (2024: NOK 69.5 million).

The growth reflects continued strong demand for the Company’s solutions, increased international commercial presence and a broader customer base.

At year-end, the Group maintained a strong financial position with an equity ratio of 68.7 percent and available liquidity of NOK 499.1 million. The Company has no interest-bearing debt.

Appear ASA was listed on Euronext Oslo in November 2025. In connection with the listing, the Company issued new shares and sold treasury shares.
Net proceeds from the new share issue amounted to NOK 95.2 million, while the sale of treasury shares generated net proceeds of NOK 95.7 million. The Board believes the listing strengthens the Company’s financial flexibility and supports its long-term growth ambitions.

The market for live production and video processing technology continues to evolve, driven by increasing demand for capacity, efficiency and flexibility in media production infrastructure.

The Board supports the Company’s continued investments in product development and international expansion and believes the Company is well positioned within its core markets.

The Company continues to invest in research and development to strengthen its technology platform and support future growth.

In 2025, NOK 66.2 million in development expenditure related to technology projects was capitalised in accordance with IFRS.

Appear operates a direct sales model. By the end of 2025, 86% of revenue was generated through direct sales. The Company has direct commercial operations in the Americas, EMEA, the UK, and Asia Pacific.

The Americas accounted for 49% of 2025 revenue. EMEA accounted for 47% of 2025 revenue. Asia Pacific presented 4% of revenue but grew 134% year-on-year.

An EU legal entity was established in Stockholm and a Singapore entity was established in 2025 to support direct sales and logistics in their respective regions.

The Company’s business model is fundamentally dependent on several categories of intangible resources that are not fully captured in the balance sheet. These resources are essential to the Company’s ability to create value and sustain its competitive position.

Technology platform and engineering know-how: The X Platform and related products are built on more than 20 years of accumulated engineering expertise. This engineering knowledge base is central to the performance, reliability and differentiation of the Company’s products and cannot easily be replicated.

Customer relationships: Appear has established long-term direct relationships with leading broadcasters, sports organisations, telecommunications providers and production service companies globally. These relationships, built over many years through technical engagement and post-sales support, underpin the Company’s opportunities.
Brand and industry reputation: The Company’s brand reputation, built through customer satisfaction, industry awards and participation in key standards bodies, supports new customer acquisition and commercial expansion into new segments and geographies.

At the end of 2025, the Group employed 225 people including contractors across multiple countries.

The working environment is considered good, and no serious work-related injuries were reported during the year. The overall sick leave rate in 2025 was 3.6 percent.

Appear works actively to promote diversity, equality and equal opportunities throughout the organisation. The Company upholds the principles of the Norwegian Discrimination Act (“Likestillings- og diskrimineringsloven”).

Appear’s direct operational footprint consists of office premises in Norway, Sweden, Singapore, the United Kingdom and the United States. The Company does not operate any manufacturing facilities; hardware products are manufactured by the Company’s contract manufacturer, Hapro Electronics AS, which holds ISO 14001 environmental management certification.

The Company’s direct greenhouse gas emissions arise principally from employee business travel and electricity consumption in its offices. No activities that represent a material risk of significant environmental harm have been identified.

Appear’s product design contributes to reduced energy consumption at customer sites. The X Platform’s high channel density and modular architecture allow customers to replace multiple separate devices with a single chassis, reducing rack space, power draw and cooling requirements.

Appear intends to develop and disclose a formal environmental and climate strategy, including measurable targets for the reduction of direct and indirect greenhouse gas emissions, as part of its ordinary governance and reporting cycle.

The Company operates in an international market and is exposed to several risk factors, including:

• availability of key components in global supply chains
• foreign exchange exposure related to international operations
• regulatory and trade policy developments in certain markets
• rapid changes in market and technology
• customer concentration among certain large customers

The Board monitors these risk factors closely and believes the Company has appropriate risk management processes in place.

The Company’s objectives and strategies for managing financial risk are overseen by the Board. The Company seeks to manage financial risk consistently with its business strategy and does not engage in speculative financial transactions. The main categories of financial risk are described below.

Market risk (currency): The majority of the Company’s revenue is denominated in US dollars, while a significant proportion of operating costs are incurred in Norwegian kroner and British pounds. Significant movements in USDNOK and GBPNOK exchange rates can materially affect reported results.

Credit risk: The Company extends credit to its customers in the normal course of business. Credit risk is managed through customer due diligence, contractual payment terms and active monitoring of trade receivables. No individual customer represented an excessive concentration of credit exposure at year-end and no significant credit losses were recorded in 2025.

Liquidity risk: The Company maintains a strong liquidity position. At 31 December 2025, available liquidity comprised NOK 60.5 million in cash and NOK 438.6 million in money market funds, totaling NOK 499.1 million. The Company has no interest-bearing debt. The Board considers the liquidity position to be robust and sufficient to meet all foreseeable obligations.

Net cash flow from operating activities was an inflow of NOK 163.2 million (2024: NOK 76.8 million). The increase in operating cash flow relative to prior year is consistent with the growth in reported EBIT.

Cash flow from investing activities was an outflow of NOK 382.0 million (2024: NOK 45.5 million). The primary component was NOK 325.0 million placed in money market funds. Capital expenditure on property, plant and equipment was NOK 23.9 million and NOK 66.2 million was capitalised as technological development expenditure.

Cash flow from financing activities was an inflow of NOK 184.4 million, predominantly reflecting IPO proceeds.

Free cash flow for the year was NOK 64.2 million (2024: NOK 59.4 million).

In accordance with the requirements of the Norwegian Accounting Act, the Board confirms that the financial statements have been prepared on a going concern basis. In the Board’s opinion, the going concern assumption is appropriate.

The Group and Parent Company reported a net profit in 2025 of NOK 129.2 million and NOK 138.0 million respectively.

The Board proposes that the profit reported by the Parent Company be transferred to retained earnings. No dividend is proposed for 2025, in line with the Company’s strategy of prioritising investment in future growth.

A Directors’ and Officers’ Liability Insurance is in place for all members of the Board of Directors and the Chief Executive Officer for their potential liability towards the Company and third parties. The insurance covers legal personal liability for financial damage caused in the performance of their duties, including subsidiaries owned with more than 50 percent. The policy is issued by a reputable, specialised insurer with an appropriate credit rating.

The Board is not aware of any events occurring after 31 December 2025 that have a material effect on the financial statements for 2025.

Appear enters 2026 with a solid financial position and a strong commercial pipeline.

Based on the current order backlog and commercial pipeline, the Board expects continued strong growth in 2026.

Appear ASA is subject to the Norwegian Transparency Act (“Åpenhetsloven”). In accordance with the Act, the Company has conducted due diligence on human rights and decent working conditions in its own operations and supply chain, in accordance with the OECD Guidelines for Multinational Enterprises.

The Company’s supply chain includes contract manufacturer Hapro Electronics AS and a number of component suppliers across Europe and Asia. The due diligence process identified no confirmed cases of actual adverse impacts on human rights or working conditions during 2025. Areas of elevated risk, principally relating to the sourcing of semiconductors from regions with less established labour oversight, have been identified and are subject to ongoing monitoring.
A separate due diligence statement (“Transparency Report”) for 2025 is published on the Company’s website at www.appear.net. Any person may request further information regarding the Company’s due diligence work by contacting the Company at its registered address.

Following its listing on Euronext Securities Oslo in November 2025, Appear ASA is subject to the Norwegian Code of Practice for Corporate Governance (the “NUES Code”), latest edition of 28 August 2025, published at www.nues.no. The Board is committed to maintaining high standards of corporate governance and transparency. A comprehensive Corporate Governance Report has been prepared in accordance with Section 3-3b of the Norwegian Accounting Act. The annual statement on corporate governance for 2025 has been approved by the Board and can be found in this annual report. The following is a summary of key governance arrangements.