Slides
Page 1
Full year & Q4 2025 presentation 12 February 2026
Page 2
1 Footnote 2 Footnote Source: XXX Appear Agenda 1. Highlights 3. Q4 2025 in depth 4. 2025 success stories 5. Q4 & 2025 financials 6. Live Q&A 2. The Appear growth story
Page 3
1 Footnote 2 Footnote Source: XXX Appear Q3 2024 figures in brackets. EBITDAC is de fined as the Group’s profit or loss before inte rest, taxation, depre ciation and amortisation charges and further adjusted for the capitalisation of development e xpenditure. EBITDAC is EBITDA less capitali ze d e xpenses Q4 2025 highlights Growth driven by strong activity in EMEA and APAC supported by sports rights renewals, upgrades, and expanding live production infrastructure Gross margin 73.0 Per cent -0.3 pp YoY Underlying EBITDAC 12.6 MNOK 6.8% (5.6%) margin Free Cash Flow -14.4 MNOK -8.0 MNOK YoY Revenues 184.6 MNOK +20.8% YoY Underlying EBITDAC increased to NOK 12.6 million, with margin expanding to 6.8%. Reported EBITDAC was impacted by NOK 10.5 million in IPO-related costs Consistent gross margins, slight decrease attribute to U.S. tariffs largely compensated by positive product mix effects Free cash flow was affected by one-off IPO-related costs, and increased capital investments
Page 4
1 Footnote 2 Footnote Source: XXX Appear Q3 2024 figures in brackets YTD 2025 highlights Gross margin 72.3 Per cent 0.0 pp YoY Underlying EBITDAC 142.2 MNOK 17.8% (15.4%) margin Free Cash Flow 64.2 MNOK +8.0% YoY Revenues 800.9 MNOK +32.3% YoY Strong growth delivered in line with guidance, driven by broad based regional expansion and continued expansion within Tier 1 live sports and broadcasting customers Gross margin remained stable, reflecting margin improvements through increasing contribution of license revenue largely compensating the impact of U.S. tariffs Underlying profitability and returns improved significantly, with underlying EBITDAC of NOK 142.2 million and a margin of 17.8%, within the future guided range of 17–20%. Supported by operating leverage and scaled commercial execution Strong earnings and cash generation delivered free cash flow of NOK 64.2 million and further increased available liquidity
Page 5
The Appear growth story
Page 6
6 Source: Company informati on Notes: 1 : including external full -time consultants - (4) National Association of Broadcasters (NAB) (5) Singapore and Sweden offices open ed 2025 Appear is one of the market leaders in live production technology Appear at a glance in 2025 Global footprint Headquarter Offices Customer geo Oslo, Norway Southampton, UK Los Angeles, USA Stockholm5, Sweden (EU) Singapore5 270 225 1Active customers # of employees at end of Q4 2025 Awards 9 2 Product launches
Page 7
8 A Global Leader in Live Production Technology The Live Production Value Chain Serving a tier 1 customer base + many more Acquisition Capture & transport Processing Content production Consumption Distribution to viewers
Page 8
9 Total addressable market in 2025 USDbn The global live broadcasting market is expected to exceed USD 5.5bn in 2025 2.0 2.4 1.1 Acquisition Processing Consumption 5.5 USDbn Source: 2025 Devoncroft Market Sizing Study, Devoncroft Partners LLC Note: CAGR displayed is for period 2020 -2025 and 2025 -2030 1) Excluding OTT Appear offers products within Acquisition, Processing and Consumption, unlocking growth opportunities across the entire live broadcasting market 3.3% ’20-25 CAGR 4.6% ’25-30 CAGR 2.7% ’20-25 CAGR 4.6% ’25-30 CAGR -3.3% ’20-25 CAGR -1.8% ’25-30 CAGR Consumption1 Distribution to viewers Acquisition Capture & Transport Processing Content Production Sport broadcasters/media right holders Leagues/right owners Streamers Connectivity providers Connectivity providers Production services companies
Page 9
10 USDbn Source: SportsBusine ss Global Media Report 2024; ReThink Research. Strong, sustained consumer demand continues to support long-term growth in the value of top-tier sports rights 2020 2021 2022 2023 2024E 2025E 2026E 2027E 41 54 55 56 63 57 67 63 12.4bn 4.2bn 4.0bn 3.6bn 3.4bn 2.1bn 1.6bn 1.5bn 1.3bn 1.2bn 1.0bn 1.0bn 0.9bn 0.9bn 0.9bn Global value of sports media rights 2023: Top 15 accounted for USD 40bn, equal to 70+% of the global total
Page 10
11 The fight for subscribers trigger investments in production value and operational efficiencies 2026 Triggers from seasonal Leagues and federations 1 • Annual global events Additional triggers • Biennial/quadrennial global events • Regulatory change or industry consolidation Q1 Q2 Q3 Q4 1: Examples of seasonal le agues and fe derations, only indicative Japan rights Non-US domestic rights • Media rights renewals
Page 11
Q4 2025 in depth
Page 12
13 Q4 2025 - Consistent, strong growth trend in revenue Rolling 4 quarters revenue, NOKm 96 44 79 104 88 93 97 141 120 193 141 153 163 271 183 185 254 278 260 288 322 314 362 381 418 450 550 594 606 649 727 769 801 Q1 25 Q2 25 Q3 25Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 25 +33% CAGR +9% +21% Revenue rolling 12 months Revenue quarterly • Strong growth delivered in line with guidance, with FY2025 revenue up 32.3% YoY to NOK 800.9 million; X Platform continues to drive the growth and expansion of our footprint in the market • 33% revenue CAGR from 2021 to Q4 2025 and quarterly YoY growth over last 11 quarters since Q2 2023 • No indication of slower growth rates, Q4 YoY growth 12 pp higher in 2025 than in 2024 Commentary
Page 13
14 Q4 2025 - Continued growth across geographies 38 10 Q1 24 57 31 11 Q2 24 52 32 16 Q3 24 58 21 21 Q4 24 59 29 53 Q1 25 48 43 8 Q2 25 47 35 18 Q3 25 42 39 19 Q4 25 Hardware Software Support 12 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 48 108 78 102 93 135 80 91 -11 (-10%) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 68 80 59 50 62 128 100 84 +33 (+66%) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 3 5 4 1 7 8 3 10 Americas EMEA APAC Commentary% of Revenue by Product Type Revenue by region, NOKm • Higher share of revenues generated from support services and software licenses • Americas decreased 10% YoY in Q4 2025, reflecting that timing of revenue recognition can be impacted by delivery of larger deals. Full-year growth reached 18.3%, with underlying positive development to continue going forward • EMEA, Q4 revenue increased 66% year-on- year, with full-year growth of 45.2%. The positive development is a testament to the direct sales model that was instrumental for the U.S. growth • APAC delivered exceptional growth from a relatively small base predominantly driven by new investments from international connectivity providers
Page 14
15 Q4 2025 – Third highest quarter with consistent gross margin Revenue and Underlying EBITDAC by quarter • Q4 2025 third highest quarter in revenues, increased 20.8% year on year • Underlying EBITDAC at NOK 12.6 million excludes NOK 10.5 million of IPO related one-off expenses with underlying EBITDAC margin at 6.8% • Product mix contributes to consistent YoY gross margin at 73.0% comparable with the same period previous year, despite headwind of U.S. tariffs and FX 7 41 35 11 25 69 35 13 119 193 141 153 163 271 183 185 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Underlying EBITDAC Revenue 72.9 % 69.9 % 73.9 % 73.3 % 72.8 % 70.6 % 73.8 % 73.0 % 5.6 % 21.2 % 24.9 % 7.1 % 15.4 % 25.6 % 19.4 % 6.8 % Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Gross margin Underlying EBITDAC margin Commentary Rearrange comments so it reads from top to bottom of the graph
Page 15
16 Where did growth come from in 2025 ? 44 15 13 28 39 16 15 30 32 19 16 33 75 (24%) 241 (76%) 71 (18%) 336 (83%) 85 (14%) 521 (86%) Share of rev. from top X customers in respective year Share of rev. from new customers Share of rev. from new products • Tier 1 customers remain the significant contributor • Reliance on top five customers has reduced over time reflecting successful expansion across a wider customer base and reduced concentration risk • Growth is primarily driven by existing customers through land-and-expand execution • This reflects strong retention, follow-on orders, and multi-year customer relationships • Revenue is predominantly generated from existing products, reflecting continued scaling of the X Platform. • New products contribute a growing, but still limited share. Customer concentration New vs. existing customers New vs. existing products 12 (4%) 304 (96%) 2022 9 (2%) 399 (98%) 2023 16 (3%) 590 (97%) 2024 28 (4%) 773 (97%) 2025 316 408 606 801 75 (24%) 241 (76%) 2022 71 (18%) 336 (83%) 2023 85 (14%) 521 (86%) 2024 62 (8%) 739 (92%) 2025 316 408 606 801New Existing 44% 39% 32% 35% 15% 16% 19% 16% 13% 15% 16% 18% 28% 30% 33% 31% 2022 2023 2024 2025 Other 11-20 6-10 Top 5 New Existing
Page 16
17 Continue strong growth based on market- leading X Platform and commercial momentum by adding capabilities to expand into connectivity providers Launch of the X5 Platform to expand into long tail of Tier 2 segments Launch of the Virtual X Platform to expand into Processing within existing accounts Direct sales and support to Europe,Latam and Asia by replicating proven commercial model from the U.S. and UK Strategic growth drivers supporting value creation Strategic acquisitions of solution components and technology assets within Processing segment
Page 17
2025 success stories
Page 18
19 1 Footnote 2 Footnote Source: XXX Appear At the heart of Milano Cortina Winter Olympics production Remote production from 8 different venues for Winter Olympic Games and Paralympics with +6000 people involved Video compression, satellite modulation and transport -streams aggregation for NBC Sports fiber and satellite distribution to the U.S High level of complexity: 48 cameras per event in extreme outdoor conditions (terrains, temperature, weather) Why Appear MNOK 50-60MNOK revenue distributed over several broadcasters and production companies in North America and EMEA NBC Sports • 5 years partnership through Summer Olympics and other major sport events in Europe, Asia, and U.S • Highest quality (HDR) and density for 1000 channels • Highest number of videos and camera feeds within NBC Sport production workflow than ever
Page 19
20 1 Footnote 2 Footnote Source: XXX Appear Source: Company informati on Powering LaLiga’s Next Era of Live Football Reviewed entire live production solution to improve production quality and drive cost efficiencies to Spain’s premier football competitions Future proof of new live production hub in Madrid for remote production and upgrade of existing hub in Barcelona Upgrade of fibre capacity for +500 live feeds from La Ligua 1 & La Ligua 2 stadiums Why Appear • Most technically advanced and powerful solution for next -generation contribution and distribution network • Future-proofed technology to serve LaLigua’s future broadcast needs • Energy and space efficiency providing long term energy efficiency, cost gains and operational simplicity MNOK 40-45MNOK revenue from Telefónica, approx. 33MNOK recognised in 2025, approx.10MNOK is SLA contracted over 5 years
Page 20
1 Footnote 2 Footnote Source: XXX Appear Q4 & 2025 financials
Page 21
22 Q4 was our third highest quarterly revenue on record with consistent margins Revenue from contracts with customers 50Raw materials & consumbles users Gross earnings 68 47Other operating income & expenses EBITDA Profit for the period Income tax expense 5 Profit before tax Net finance income & finance expenses 7 Operating Profit Depreciation & amortisation 6 EBITDAC Capitalised development expenditure 18 185 135 Employee benefit expenses 2 14 21 16 20 153 (41) 112 (75) (30) 7 -0 7 (4) 3 11 14 (4) 10 • Q4 closed a strong year for Appear. Revenue for the quarter was NOK 184.6 (152.9) million, representing revenue growth of 20.8% from Q4 last year • Gross earnings for Q4 of NOK 134.7 (112.0) million in Q4 2025, achieving consistent gross margins of 73.0% (73.3%), adversely impacted by U.S. tariffs almost completely compensated by a positive product mix effect & higher service revenues • Other operating expenses impacted by IPO costs of NOK 10.5 (1.4) million, ERP implementation, & new offices in Sweden and Singapore • Underlying EBITDAC1,, adjusted for costs expensed in relation to the IPO, of NOK 12.6 (8.5) million. EBITDAC margin of 6.8% (5.6%) • Effective tax rate 25% (28%) • Source: Company information • Notes: (1) EBITDAC representing earnings before interest, taxes, depreciation and amortisation less capitalised development costs Q4 2025 – Financial Performance Q4 2024 Commentary
Page 22
23 Strong financial performance, 32% growth in revenue, in line with guidance Operating Profit 1Net finance income & finance expenses Profit before tax Income tax expense Profit for the period EBITDA Revenue from contracts with customers Raw materials & consumbles users Gross earnings Employee benefit expenses Other operating income & expenses Capitalised development expenditure 171 169 129 801 EBITDAC 579 242 148 189 222 124 40 18Depreciation & amortisation 65 • Revenue NOK 800.9 (605.6) million, revenue growth up 32.3% year-on-year and in line with guidance • Gross earnings of NOK 579.3 (437.8) million, achieving consistent gross margins of 72.3% (72.3%), margin impacted by U.S. tariffs completely compensated by a positive product mix effect & higher service revenues • Other operating expenses impacted by costs expensed in relation to the IPO of NOK 17.8 (3.8) million, ERP implementation, & increased market presence through office expansions • Underlying EBITDAC1,, adjusted for costs expensed in relation to the IPO, of NOK 142.2 (93.5) million. EBITDAC margin of 17.8% (15.4%) within the future guided range of 17–20% • Effective tax rate 24% (24%) • Source: Company information • Notes: (1) EBITDAC representing earnings before interest, taxes, depreciation and amortisation less capitalised development costs Full Year 2025 – Financial Performance FY 24 Commentary 606 (168) 438 (254) (97) 87 -0 87 (14) 73 18 91 (22) 70
Page 23
24 • Cash flow for the quarter boosted by the IPO Proceeds with excess funds transferred to the money market funds. • Cash flow from investment activities driven by CAPEX related to technology development of NOK 19.1 (nil) million (10.4% of revenue). • Cash inflow from financing activities attributable to IPO with net proceeds of NOK 95.2 (nil) million from issues of new shares and NOK 95.7 (nil) million from the exercise of the greenshoe option. • Net cash flow decreased by NOK 98.2 million with a net cash position of NOK 60.5 (96.8) million at the end of Q4 2025. • In addition to the cash, the company holds investments in money market funds of NOK 438.6 (133.6) million, giving available liquidity of NOK 499.1 (230.4) million. • Cash flow outflow for the quarter was 14.1 (2.7) million NOK, before net proceeds IPO and transfers to money market fund NOK. The increase outflow was attributable to capital expenditure in the quarter. Net cash increased following strong cash flow from operations Cash balance at 30 September 2025 20EBITDA 0 1Decrease in working capital 29Cashflow from investing activities Cash & cash equivalents 31 December 2025 Excess funds transferred to Money Market Funds 275 Currency effects & non-cash items 1 159 60 Cashflow from financing activities excluding IPO Net IPO proceeds 191 3 145 Taxes paid Cash balance before impact of IPO & money market funds -14 -98 Q4 2025 cash flow development Commentary
Page 24
25 Source: Company informati on Available liquidity further enhanced following capital raise Acquisition ConsumptionProcessing 89 90 132 134 155 158 160 439 57 115 100 97 83 48 159 60 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 146 205 232 230 238 206 318 499 Cash and cash equivalents Money market funds • Available liquidity of NOK 499.1 (230.4) million, comprising net cash position of NOK 60.5 (96.8) million and investments in money market funds of NOK 438.6 (133.6) million • Q4 25 cash flow attributable to IPO proceeds with net proceeds of NOK 95.2 (nil) million from issues of new shares and NOK 95.7 (nil) million . • Working capital at consistent levels to Q3 25, maintaining solid cash conversion rate 50 27 35 47 60 146 59 60 11% Q1 24 5% Q2 24 6% Q3 24 8% Q4 24 9% Q1 25 20% Q2 25 8% Q3 25 8% Q4 25 Working Capital as a % of sales Working capital Working Capital, NOKm Available liquidity, NOKm
Page 25
1 Footnote 2 Footnote Source: XXX Appear Selected financial targets ~25-30% p.a. Revenue growth ~15-25% Recurring revenue share ~70% Gross margin ~17–20% EBITDAC margin Medium to long -term NOK ~1Bn Revenue 2026E
Page 26
1 Footnote 2 Footnote Source: XXX Appear Live Q&A
Page 27
1 Footnote 2 Footnote Source: XXX Appear Investor relations contactFinancial calendar March 17, 2026 Annual report April 29, 2026 Q1 report 2026 investorrelations@appear.net All IR enquiries Jo Christian Lund-Steigedal, Corporate Communications AS +47 415 08 733 | jcs@corpcom.no IR and media contact