Appendix - Alternative Performance Measures (APMs) – Q1 2026 report

Appendix - Alternative Performance Measures (APMs)

Appear uses the following APMs to provide additional insight into underlying operational performance. Financial Information in the table below, for the three-month period ended 31 March 2026 and the comparative 31 March 2025, are extracted from periods that are unaudited. Alternative performance measures are presented to supplement IFRS financial information and are unaudited.

Gross earnings and underlying operating profit

NOK thousands	2026	2025	2026	2025
	1 Jan - 31 Mar (unaudited)		Last 12 months ended 31 March	Year ended 31 December
Gross earnings and gross margin
Revenue from contracts with customers	231,677	162,505	870,114	800,943
Raw materials and consumables used	(69,196)	(44,212)	(246,654)	(221,670)
Gross earnings	162,481	118,294	623,460	579,273
Gross margin	70.1%	72.8%	71.7%	72.3%
Underlying operating profit and underlying operating margin
Operating profit/(loss)	36,357	34,739	172,337	170,719
Cost expensed in relation to the IPO	-	3,040	781	3,821
Disposal of property, plant and equipment	-	-	29	29
Underlying operating profit/(loss)	36,357	37,779	173,148	174,570
Underlying operating margin	15.7%	23.2%	19.9%	21.8%

ebitda and ebitdac

NOK thousands	2026	2025	2026	2025
	1 Jan - 31 Mar (unaudited)		Last 12 months ended 31 March	Year ended 31 December
EBITDA
Profit/(loss) for the period	25,579	20,843	133,898	129,162
Net finance income and finance expenses	2,502	8,102	(4,339)	1,261
Income tax expense	8,276	5,794	42,778	40,296
Depreciation and amortisation	6,938	3,471	21,875	18,407
EBITDA	43,296	38,211	194,212	189,127
EBITDA margin	18.7%	23.5%	22.3%	23.6%
EBITDAC
EBITDA	43,296	38,211	194,212	189,127
Development expenses capitalized	(17,405)	(16,278)	(65,854)	(64,727)
EBITDAC	25,890	21,933	128,357	124,400
EBITDAC margin	11.2%	13.5%	14.8%	15.5%
Underlying EBITDA
EBITDA	43,296	38,211	194,212	189,127
Cost expensed in relation to the IPO	-	3,040	14,793	17,833
Disposal of property, plant and equipment	-	-	-	-
Underlying EBITDA	43,296	41,251	209,005	206,960
Underlying EBITDA margin	18.7%	25.4%	24.0%	25.8%
Underlying EBITDAC margin
Underlying EBITDA	43,296	41,251	209,005	206,960
Development expenses capitalized	(17,405)	(16,278)	(65,854)	(64,727)
Underlying EBITDAC	25,890	24,973	143,151	142,233
Underlying EBITDAC margin	11.2%	15.4%	16.5%	17.8%

Free cash flow

NOK thousands	2026	2025	2026	2025
	1 Jan - 31 Mar (unaudited)		Last 12 months ended 31 March	Year ended 31 December
Free cash flow
Total cash flow from operating activities	(5,180)	27,753	43,874	76,807
Purchase of property, plant and equipment	(2,032)	(3,090)	(9,095)	(10,153)
Purchase of on intangible assets	(17,753)	(16,278)	(1,475)	-
Repayment of lease liabilities	(2,146)	(641)	(5,708)	(4,204)
Interest paid on lease liabilities	(868)	(868)	(3,020)	(3,020)
Free cash flow	(27,978)	6,876	24,575	59,430

Return on capital employed

NOK thousands	31 March 2026	31 March 2025	31 March 2026	31 December 2025
	Last 12 months ended	Last 12 months ended	Last 12 months ended	Year ended
Return on capital employed
Based on a rolling last twelve months
Operating profit/(loss)	172,337	104,554	172,337	170,719
Adjusted for
Interest received	2,902	4,725	2,902	3,141
Net fair value gains/(losses) on money market funds	13,370	6,164	13,370	9,998
Operating profit/(loss) derived for ROCE	188,610	115,443	188,610	183,858
Total assets	932,644	490,064	932,644	857,979
Total liabilities	(314,902)	(202,522)	(314,902)	(268,438)
Add back: borrowings	-	-	-	-
Add back: lease liabilities	69,391	52,335	69,391	62,106
Capital employed at the end of the period	687,132	339,877	687,132	651,647
Capital employed at the beginning of the period	339,877	252,006	339,877	320,755
Average capital employed derived for ROCE	513,504	295,941	513,504	486,201
Return on capital employed	36.7%	39.0%	36.7%	37.8%