CEO letter
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.
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
Growth across the live sports ecosystem
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.
In the Americas, Q4 revenue fell by 10% year-on-year, 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 office in Singapore and the establishment of a direct sales presence in Australia further strengthen our position and support continued expansion in the region.
Why this drives Appear’s growth
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.
Appear is built for this reality.
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.
Thomas Bostrøm Jørgensen, CEO