Q4 2025 Interim Report

Appear

From hardware to software and services, we simplify complex production environments.

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We actively support industry-wide collaboration through open standards.

Q4 closed a strong year for Appear. Revenue for the quarter was NOK 185 million, representing 21% year-on-year growth. For the full year, revenue reached NOK 801 million, up 32% year-on-year and in line with guidance. Annual profitability was solid with underlying EBITDAC (adjusted for expensed IPO costs) of NOK 142  million with a margin  at 17.8% and strong cash generation.

Net profit amounted to NOK 15.7 (10.4) million, corresponding to a net margin of 8.5% (6.8%).

During the fourth quarter, Appear reached a new milestone with the first day of trading on Euronext Oslo Stock Exchange (OSE:APR) 6 November. The listing marks the beginning of an exciting new chapter, one that gives us the platform to accelerate growth, expand into new markets, and continue redefining what’s possible in live production technology

The largest sports leagues are evolving from domestic competitions into global sports platforms, expanding formats, tiers, and geographies to unlock new revenue pools. This shift is especially visible in U.S. major leagues, where growth increasingly comes from additional competitions, year-round content, and international expansion.

While leagues set the strategy, revenue flows through the full ecosystem around them, broadcasters and streamers, production companies, and connectivity providers, alongside the leagues themselves. As formats expand and geographies multiply, the same game is produced many times over for different markets, platforms, and audiences.

That dynamic was clearly reflected in both Q4 and the full year.

r, reflecting that the timing of revenue recognition can be impacted by timing and delivery of larger deals. Full-year growth reached 19%, driven by league infrastructure investments, stadium upgrades, and continued follow-on demand from broadcasters, production partners, and connectivity providers following major sports rights renewals.

In EMEA, Q4 revenue increased 66% year-on-year, with full-year growth of 45%, driven by global sports rights renewals, particularly in premium motorsport and top-tier football. Investment spanned rights holders, broadcasters, production ecosystems, and telecom operators. During the quarter, we secured multiple system upgrades, our first commercial orders for X5, and several multi-year service and support agreements.

Asia Pacific delivered exceptional growth from a relatively small base, with Q4 revenue up NOK 9 million year-on-year and full-year growth of 134%. Momentum was driven by new investments from international connectivity providers and expanding live production infrastructure across multiple leagues and events. While APAC remains smaller than the Americas and EMEA in absolute revenue, it is an increasingly important growth market. The opening of our 

 in Singapore and the establishment of a direct sales presence in Australia further strengthen our position and support continued expansion in the region.

As sports formats expand and production scales globally, live production becomes larger, more complex, and more cost-sensitive at the same time. 

More games, more venues, more feeds are delivered across tier-1 broadcasters, streamers and the leagues themselves. This is accelerating the shift toward remote production, IP connectivity, and hybrid cloud workflows. 

Our platforms deliver dense, deterministic, and reliable live production technology that scales cleanly across leagues, tiers, and continents.

With the X platform, the new X5 system, and our VX software platform, we are well aligned with where live sports production is heading. Behind the scenes, we continue to strengthen our operational foundation so we can scale faster and execute better, without compromising reliability.

As we move into 2026, growth drivers remain strong. Global sports events, expanding formats, and rising production complexity continue to drive investment across the live sports ecosystem, and Appear sits right at the centre of it.

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Free cashflow was an outflow of NOK 14.4 (6.4) million.

Revenue in the fourth quarter of 2025 amounted to NOK 184.6 (152.9) million, exceeding Q4 2024 revenue by NOK 31.8 million representing an increase of 20.8%. The fourth quarter was defined by high activity in Europe and APAC, however the Q4 revenue in 

r, reflecting a typical in-season period where Tier 1 leagues prioritise live execution over major infrastructure change

Revenue, MNOK

Gross earnings for the fourth quarter amounted to NOK 134.7 (112.0) million, achieving a gross margin of 73.0% (73.3%), the margin decreased slightly with an adverse impact from U.S. tariffs almost completely compensated by a positive product mix effect and higher share of service revenues. The cost of raw materials and consumables used was NOK 49.9 (40.9) million.

Overall, operating expenses, excluding raw materials and consumables, for the fourth quarter amounted to NOK 121.0 (108.7) million, an increase of 11.3% year-on-year. 

Total employee benefit costs increased 13.6% to NOK 84.9 (74.8) million. The increase in costs reflected a higher number of employees (including sales consultants), 225 FTEs compared to 186 in the same period last year, and sales growth resulting in uplifts related to sales commissions and performance-based bonuses. Adjusted for capitalisation of employee benefit expenses related to commercial technological development projects of NOK 16.5 (nil) million, employee benefit expenses in the income statement was NOK 68.4 (74.8) million, 8.5% lower than the same period last year. 

Depreciation and amortisation in the fourth quarter amounted to NOK 5.9 (3.8) million. Amortisation began on capitalised technological development expenditure in the third quarter with a further charge of NOK 0.4 (nil) million in the fourth. Amortisation is dependent on the completion status of the development projects combined with the timing of commercial product launches of fully developed products. 

Other operating expenses increased to NOK 46.6 (27.7) million, including NOK 10.5 (1.4) million of costs expensed in relation to the IPO. Costs incurred were in line with our long-term strategy of building a scalable, efficient, and customer-focused organization, also covering costs for an ERP implementation, office expansions and increased market presence.

EBIT for the fourth quarter amounted to NOK 13.8 (3.3) million. EBITDA amounted to NOK 19.7 (7.1) million, corresponding to an EBITDA margin of 10.7% (4.7%). 

EBITDAC (EBITDA less the impact of capitalised development expenditure) amounted to NOK 2.0 (7.1) million, and an EBITDAC margin of 1.1% (4.7%). Underlying EBITDAC excluding the NOK 10.5 (1.4) million in costs expensed in relation to the IPO, increased to NOK 12.6 (8.5) million, corresponding to an underlying EBITDAC margin of 6.8% (5.6%).

Net financial income and expenses for the quarter amounted to income of NOK 7.3 (11.1) million, attributable to NOK 4.0 (1.3) million of fair value gains on money market funds, while other financial gains reduced to NOK 1.9 (6.6) million.  

Tax on the ordinary result was NOK 5.3 (4.0) million directly attributable to the positive profit before tax, with an effective rate of tax of 25% (28%), impacted by non-deductible IPO related expenditure for tax purposes.

This resulted in net profit for the quarter of NOK 14.4 (10.7) million.

At the end of the quarter, Appear maintained a solid financial position with a 68.7% (58.4%) equity ratio and NOK 499.1 (230.4) million in available liquidity comprising net cash and cash equivalents of NOK 60.5 (96.8) million and financial assets held in money market funds of NOK 438.6 (133.6) million. Appear has no interest-bearing debt. 

Total assets on 31 December 2025 increased to NOK 858.0 (458.5) million representing an 87.1% (57.8%) increase from 31 December 2024 (31 December 2023). 

The increase in total assets is explained mainly by the net cash proceeds received from the IPO generating net proceeds of 95.2 (nil) million from the issue of new shares, net of transaction-related costs of NOK 4.5 million and a further 95.7 (nil) million from the sale of treasury shares, net of transaction-related costs of NOK 4.1 million. 

Total assets also increased through the investment of internally generated development costs which resulted in the capitalisation of NOK 17.4 (nil) million.

The investments in the fourth quarter totalled NOK 31.7 (5.9) million, of which NOK 19.1 (nil) million related to capitalisation of technological development expenditure, comprising capitalisation of employee benefit expenses NOK 16.5 (nil) million, allocation of shared overheads NOK 1.8 (nil) million and directly attributable expenditure of NOK 0.8 (nil) million. The Group also invested NOK 12.6 (5.9) million in property, plant and equipment. 

Revenue increased to NOK 800.9 (605.6) million, an increase of 32.3% year-on-year. 

In the fourth quarter NOK 275.0 (nil) million was placed into money market funds. 

Cash flow from operating activities amounted to an inflow of NOK 20.4 (0.3) million. The increase in cash flow from operating activities is primarily attributable to operating profit before tax, with stable net working capital.

Cash flow from investment activities amounted to an outflow of NOK 304.4 (1.7) million, primarily attributable to NOK 275.0 (nil) million placed into money market funds, NOK 19.1 (nil) million related to capitalisation of technological development expenditure and NOK 12.6 (5.9) million to property, plant and equipment.

Cash flow from financing activities amounted to an inflow of NOK 187.8 (outflow 1.6) million. The inflow in the fourth quarter relates to the cash proceeds from the IPO generating net proceeds from the issue of new shares of 95.2 (nil) million, net of transaction-related costs of NOK 4.5 million and sale of treasury shares 95.7 (nil) million, net of transaction-related costs of NOK 4.1 million.

Revenue increased to NOK 184.6 (152.9) million, an increase of 20.8% year-on-year. 

Total cash outflow amounted to NOK 96.2 (3.0) million predominantly explained by the purchase of money market funds less the cash proceeds from the IPO, 

Revenue for the twelve-month period ending 31 December 2025 amounted to NOK 800.9 (605.6) million, exceeding the same period last year by NOK 195.3 million representing an increase of 32.3%. 

EBITDAC increased to NOK 124.4 (87.3) million, corresponding to an EBITDAC margin of 15.5% (14.4%), impacted by IPO costs of NOK 17.8 (3.8) million.  

The twelve-month period was defined by year-on-year growth across all regions; 

Americas: NOK 63.0 million (18.7%), Europe: NOK 116.3 million (45.2%) and APAC: NOK 16.0 million (134.4%).

Revenue rolling 4 quarters, MNOK

Gross earnings for the twelve-month period amounted to NOK 579.3 (437.8) million, achieving a gross margin of 72.3% (72.3%). The margin achieved was consistent despite the impact of U.S. tariffs which increased our costs of goods sold from the second quarter onwards. The cost of raw materials and consumables used was NOK 221.7 (167.8) million.

Overall, operating expenses, excluding raw materials and consumables, for the period amounted to NOK 408.6 (365.2) million, an increase of 11.9% year-on-year. 

Total Employee benefit expenses, including capitalised expenses, increased by 18.5% to NOK 300.9 (253.8) million.  The increase was driven by higher number of employees, 204 FTEs for the twelve-month period compared to 172 in the previous period. Employee benefit expenses of NOK 58.5 (nil) million was subsequently capitalised in relation to internally developed intangible assets.   

The increased activity level brought natural cost increases tied to sales commissions and performance-driven bonuses. 

Depreciation and amortisation amounted to NOK 18.4 (14.1) million for the twelve-month period. Amortisation began on capitalised technological development expenditure in the third quarter with a charge of NOK 1.1 (nil) million; amortisation is dependent on the completion status of the development projects combined with the timing of commercial product launches of fully developed products. 

Other operating expenses of NOK 147.8 (94.9) million, increased by 55.8%, costs incurred were in line with our long-term strategy of building a scalable, efficient, and customer-focused organization. Other operating expenses included costs expensed in relation to the IPO of NOK 17.8 (3.8) million, furthermore we incurred NOK 2.9 (2.9) million costs for an ERP implementation, office expansions and increased market presence.

EBIT for twelve-month period ended 31 December 2025 amounted to NOK 170.7 (91.3) million. EBITDA amounted to NOK 189.1 (87.3) million, corresponding to an EBITDA margin of 23.6% (14.4%). 

EBITDAC (EBITDA adjusted for the impact of capitalised development expenditure) amounted to NOK 124.4 (87.3) million, and an EBITDAC margin of 15.5% (14.4%). Underlying EBITDAC excluding the NOK 17.8 (3.8) million of costs expensed in relation to the IPO, increased to NOK 142.2 (93.5) million corresponding to an EBITDAC margin of 17.8% (15.4%).

Net financial income and expenses was an expense of NOK 1.3 million (income 18.1) million attributable to NOK 10.0 (5.9) million of fair value gains on money market funds, offset by foreign exchange losses of NOK 10.4 (foreign exchange gains 10.6) million. 

Tax on the ordinary result was NOK 40.3 (21.8) million directly attributable to the positive profit before tax, with an effective tax rate of 24% (24%). The effective tax rate was comparable to the previous twelve-month period, despite the impact of non-deductible IPO related expenditure for tax purposes.

This resulted in net profit of NOK 129.2 (69.5) million.

Underlying EBITDAC, excluding costs expensed in relation to the IPO, increased to NOK 142.2 (93.5) million, corresponding to an underlying EBITDAC margin of 17.8% (15.4%). 

At the end of the financial year, Appear maintained a solid financial position with a 68.7% (58.4%) equity ratio and NOK 499.1 (230.4) million in available liquidity comprising net cash and cash equivalents of NOK 60.5 (96.8) million and financial assets held in money market funds of NOK 438.6 (133.6) million. Appear has no interest-bearing debt. 

Total assets at 31 December 2025 increased to NOK 858.0 (458.5) million representing an 87.1% (57.8%) increase from 31 December 2024 (31 December 2023), the increase is explained mainly by the proceeds received from the IPO and increased investments with the capitalisation of development costs.

Net cash proceeds from the IPO amounted to 95.2 (nil) million from the issue of new shares, net of transaction-related costs of NOK 4.5 million and a further 95.7 (nil) million from the sale of treasury shares, net of transaction-related costs of NOK 4.1 million.

Total assets also increased through the investment of internally generated development costs which resulted in the capitalisation of NOK 66.2 (nil) million.

The investments in the twelve-month period were NOK 90.1 (10.2) million, of which NOK 66.2 (nil) million related to intangible assets arising from capitalisation of technological development expenditure , comprising capitalisation of employee benefit expenses NOK 58.5 (nil) million, allocation of shared overheads NOK 6.3 (nil) million and directly attributable expenditure of NOK 1.4 (nil) million. The Group also invested NOK 23.9 (10.2) million in property, plant and equipment. 

In addition, NOK 325.0 (40.0) million was deposited into money market funds, with NOK 40 million withdrawn to cover working capital requirements in July. 

Furthermore, we executed a renewal of the lease agreement for our U.S. office securing larger office space for an initial term of 4 years with an option to extend for a further 5 years. This resulted in an increase in the right-of-use asset and corresponding increase in our lease liabilities.

Cash flow from operating activities for the twelve-month period amounted to an inflow of NOK 163.2 (inflow 76.8) million. Cash flow from operating activities predominantly reflects the increased profit generated in the period. 

Cash flow from investment activities for the twelve-month period  amounted to an outflow of NOK 382.0 (outflow 45.5) million, predominantly attributable to the purchase of money market funds of NOK 325.0 (40.0) million, with NOK 40.0 (nil) million withdrawn to cover working capital requirements in July, and capitalized technological development expenditures of NOK 66.2 (nil) million.

Cash flow from financing activities for the twelve-month period amounted to an inflow of NOK 184.4 (outflow 7.8) million. The inflow predominantly related to the cash proceeds received from the IPO. Furthermore, the group received consideration from sale of treasury shares to employees of NOK 2.5 million.

Total cash outflow for the twelve-month period amounted to NOK 34.2 (inflow of 23.4) million, primarily reflecting the placement of surplus funds generated from operating and financial activities in money market funds.

Appear provides revenue guidance on a full-year basis only. For 2025, the company guided for full-year revenue of approximately NOK 800 million. Appear delivered revenue of NOK 801 million for the year, meaning the company met its guidance to the market. This performance reflects strong commercial execution across regions, continued customer adoption of the X Platform, and increasing contribution from services.

For 2026, Appear guides for full-year revenue of approximately NOK 1.0 billion, implying year-on-year growth of 25% compared to 2025. The guidance reflects continued strong demand for Appear’s core product portfolio, supported by new products, expanding commercial reach and increasing levels of recurring revenue. Growth in 2026 is expected to be driven by sustained momentum in North America and EMEA, increased contribution from new products including X5 and VX, and further expansion of support and professional services revenues, while maintaining a high gross margin profile.

The outlook for 2026 also reflects continued investments in product development, organisational capacity, and go-to-market execution to support long-term scalable growth. While market conditions remain competitive and execution is dependent on timely product delivery and customer investment cycles, Appear enters 2026 with a growing sales pipeline, and a solid financial foundation. This provides confidence in the company’s ability to deliver on its revenue guidance and continue its growth trajectory.

The company recognizes most of the revenue from an order at the time of delivery. This means that revenue can fluctuate quarter to quarter due to the concentration of larger deals in specific quarters and timing of products delivered. To reflect this, our guidance is focused on the full year and not quarter on quarter. 

EBIT amounted to NOK 170.7 (73.1) million, corresponding to a net margin of 21.3% (12.1%).

Net profit amounted to NOK 129.2 (69.5) million, corresponding to a net margin of 16.1% (11.5%).

Free cashflow was an inflow of NOK 64.2 (59.4) million.

EBITDAC decreased to NOK 2.0 (7.1) million, corresponding to an EBITDAC margin of 1.1% (4.7%), impacted by IPO costs of NOK 10.5 (1.4) million. 

In November 2025, the company listed on Euronext Securities Oslo, raising net proceeds of NOK 95.2 million through the issuance of new shares (net of transaction-related costs of NOK 4.5 million) and NOK 95.7 (nil) million through the sale of existing treasury shares (net of transaction-related costs of NOK 4.1 million).

: EBITDAC and Underlying EBITDAC are alternative performance measures. EBITDAC is calculated by adding capitalised development expenditure to EBITDA, reflecting operating performance, and Underlying EBITDAC excludes the impact of items that are considered exceptional, here IPO costs. EBITDAC and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the fourth quarter 2025 financial report.

Financial information in the table below, for the three- and twelve-month periods ended 31 December 2025 and the comparative 31 December 2024, are extracted from periods that are unaudited.

Ongoing dependency on high-end semiconductors, particularly from Taiwan, poses a risk of delayed production or unfulfilled orders if geopolitical or natural disruptions occur. This is currently Appear’s highest-rated operational risk.

The ability to retain or replace key members of the executive management team, key founders, engineers, and commercial staff, especially in strategic markets like the U.S., is critical to maintaining momentum and delivering long-term growth.

Trade tensions or new import restrictions in the U.S. could reduce competitiveness or profitability in Appear’s largest revenue market.

Heavy reliance on key suppliers introduces risk if suppliers encounter operational or financial distress.

With most of Appear’s revenue earned in USD or other non-NOK currencies, significant FX movements could affect reported financial performance.

As deployments scale, so do expectations and exposure. Any significant defects or delays in product performance could lead to reputational damage or legal claims, especially in high-stakes live production environments.

Underlying EBITDAC, excluding costs expensed in relation to the IPO, increased to NOK 12.6 (8.5) million, corresponding to an underlying EBITDAC margin of 6.8% (5.6%).

Appear is a global leader in high-capacity, sustainable solutions for live media processing and content delivery. We empower the world’s most demanding broadcasters, sports leagues, and content creators, including NBCUniversal, Warner Bros. Discovery, Formula 1, Riot Games, and the NHL, to deliver seamless, high-quality live experiences to global audiences.

We operate in the live production technology space, an essential part of the global media and entertainment industry. This sector enables the real-time capture, processing, and distribution of video, audio, and data for live events such as sports, concerts, news, and large-scale broadcasts.

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Appear provides a solution portfolio of hardware, software, and services designed for mission-critical live production:

 – Modular, ultra-dense hardware for video compression, interfacing, and transport.

New for 2025 is the X5, offering a compact, cost-efficient option for high-value content at a lower scale per site.

EBIT amounted to NOK 13.8 (3.3) million, corresponding to a net margin of 7.5% (2.1%).

 – Cloud-native processing engine enabling hybrid and scalable workflows (launch expected in H1 2026).

 – Flexible, modular solution for IPTV and broadcast distribution.

Our solutions are trusted for performance, reliability, and operational efficiency, especially where space, power, and scale matters.

/ CEO, Appear ASA
Telephone: +47 920 32 078
E-mail: Thomas.jorgensen@appear.net

/ CFO, Appear ASA
Telephone: +47 979 54 008
E-mail: per.oyvind.stene@appear.net

Customers can tailor solutions to specific needs and scale over time.

We offer unmatched density and power efficiency.

Trusted for critical live workflows with low-latency and zero-failure tolerance.

Our solutions reduce carbon footprint through optimised power consumption, rack space, low shipping costs and minimal waste.

Revenue increased to NOK 184.6 (152.9) million, an increase of 20.8% year-on-year. EBITDAC decreased to NOK 2.0 (7.1) million, corresponding to an EBITDAC margin of 1.1% (4.7%), impacted by IPO costs of NOK 10.5 (1.4) million. Underlying EBITDAC, excluding costs expensed in relation to the IPO, increased to NOK 12.6 (8.5) million, corresponding to an underlying EBITDAC margin of 6.8% (5.6%). EBIT amounted to NOK 13.8 (3.3) million, corresponding to a net margin of 7.5% (2.1%). Net profit amounted to NOK 15.7 (10.4) million, corresponding to a net margin of 8.5% (6.8%). Earnings per share was NOK 0.37 (0.28). Free cashflow was an outflow of NOK 14.4 (6.4) million.	Revenue 184.6 MNOK
	Underlying EBITDAC¹ 12.6 MNOK
	EBIT 13.8 MNOK
	EPS 0.37 NOK

Revenue increased to NOK 800.9 (605.6) million, an increase of 32.3% year-on-year. EBITDAC increased to NOK 124.4 (87.3) million, corresponding to an EBITDAC margin of 15.5% (14.4%), impacted by IPO costs of NOK 17.8 (3.8) million. Underlying EBITDAC, excluding costs expensed in relation to the IPO, increased to NOK 142.2 (93.5) million, corresponding to an underlying EBITDAC margin of 17.8% (15.4%). EBIT amounted to NOK 170.7 (73.1) million, corresponding to a net margin of 21.3% (12.1%). Net profit amounted to NOK 129.2 (69.5) million, corresponding to a net margin of 16.1% (11.5%). Earnings per share was NOK 3.40 (1.86). Free cashflow was an inflow of NOK 64.2 (59.4) million.	Revenue 800.9 MNOK
	Underlying EBITDAC 142.2 MNOK
	EBIT 170.7 MNOK
	EPS 3.40 NOK

NOK thousands	2025	2024	Change	2025	2024	Change
	Three months ended 31 December			Twelve months ended 31 December
Revenue from contracts with customers	184,615	152,851	20.8%	800,943	605,608	32.3%
Revenue growth as a %	20.8%	16.4%		32.3%	48.6%
Gross earnings	134,739	111,986	20.3%	579,273	437,824	32.3%
Gross margin	73.0%	73.3%		72.3%	72.3%
EBITDAC	2,015	7,108	(71.6%)	124,400	87,293	42.5%
EBITDAC margin	1.1%	4.7%		15.5%	14.4%
Underlying EBITDAC	12,552	8,532	47.1%	142,233	93,505	52.1%
Underlying EBITDAC margin	6.8%	5.6%		17.8%	15.4%
EBIT	13,757	3,263	321.6%	170,719	73,147	133.4%
EBIT margin	7.5%	2.1%		21.3%	12.1%
Profit/(loss) for the period	15,666	10,380	50.9%	129,162	69,513	85.8%
Net margin	8.5%	6.8%		16.1%	11.5%
Basic earnings per share, NOK	0.37	0.28		3.40	1.86
Free cash flow	(14,441)	(6,421)		64,204	59,430

Q4 2025 Interim Report

Table of Contents

Financial highlights

October - December highlights

January - December highlights

Financial Overview