Slides
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Q3 2026 presentation
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H I G H L I G H T S Q3 2026 highlights EBITDAC: profit before interest, tax, depreciation and amortisation (EBITDA), adjusted for capitalised development expenditure. 2 Full-year 2026 revenue guidance of NOK 880–920 million, representing growth of approximately 10–15% year-on-year, remains unchanged R E V E NU E 171.7 NOK million Reported ▼−6.2% Excl. FX ▲ +0.1% • Excluding FX headwind of NOK 11.5 million revenue would have been broadly in line with prior year (+0.1%) G R O S S M A R G I N 70.1% ▼−3.8pp YoY • FX headwind adjusted gross margin of 71.8% • Increase in component prices U ND ER L YI NG EB I T D A C (1.7) NOK million ▼−1.0% margin vs 19.4% • Lower gross earnings • Increased FTEs 243 (208) • Restructuring costs NOK 6.5 million F R E E C A S H F L OW (42.9) NOK million Q3 2025: NOK 110.9 million • NOK -14.4 million cash investment in capitalised development • NOK -19.3 million working capital change (against an exceptional high cashflow in Q3 2025) Q3 2025: NOK 183.1 million Q3 2025: 73.8% Q3 2025: NOK 35.5 million ▼−NOK 153.8 million YoY ▼−2.0pp YoY
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H I G H L I G H T S Year-to-date 2026 highlights EBITDAC: profit before interest, tax, depreciation and amortisation (EBITDA), adjusted for capitalised development expenditure. 3 R E V E NU E 593.0 NOK million Reported ▼−3.8% Excl. FX ▲ +3.1% • Excluding FX headwind of NOK 42.4 million revenue would have increased by 3.1% year-on-year G R O S S M A R G I N 70.1% ▼−2.0pp YoY • FX headwind adjusted gross margin of 71.9% • Impact U.S. tariffs NOK +2.6 million U ND ER L YI NG EB I T D A C 35.8 NOK million ▼ 6.0% margin vs 21.0% • Lower gross earnings, • Increased FTEs 236 (199) • Restructuring costs NOK 9.1 million F R E E C A S H F L OW (125.3) NOK million YTD 2025: NOK 79.3 million • Lower than expected earnings in addition to cash investment in capitalised development, inventory build and corporation tax YTD 2025: NOK 616.3 million YTD 2025: 72.1% YTD 2025: NOK 129.7 million ▼−NOK 204.6 million YoY ▼−0.2pp YoY
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Appear’s updates
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Quarterly by region, Q1 2026 – Q4 2027 (index, 2025 = 100) — procurement leads the rights calendar by 12–24 months Americas EMEA APAC Rights value (global) S T R UC T U R A L M A R K ET S H I FT S D R I V I N G I NF R A S T R U C T U R E C H A NG ES Live production demand follows the rights cycle This is Appear indicative view of market cyclicality – not a representation of Appear capability to grow revenue. Quarterly values reconcile to the annual model; rights value indexed to 2025 = 100. 5 An event-driven industry: spending concentrates around rights cycles and tournaments 40 60 80 100 120 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 WC26 - rights peak Investment trough LA28 / UCL ramp WWC27 - RWC27
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APPEAR’S UPDATES Where we have sales coverage, we grow A weak cyclical year, offset in North America by strong products and a strong commercial team 6 A M E R I C A S +19.5% Revenue growth YoY 63% From top 20 customer in Q3 26 From new accounts in Q3 E ME A −29.6% Revenue growth YoY 72% From top 20 customer in Q3 6 From new accounts in Q3 W H A T W E A R E C H A NG I NG Direct sales coverage Senior in-market hires and sharper territory focus Channel sales Partner programme in APAC, continental Europe and new verticals in North America N OR TH A M E R I C A Expanding portfolio Expand within existing accounts, where we already convert
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APPEAR’S UPDATES · CUSTOMER STORIES Sample of Q3 deployments X20 Chile’s first large- scale 4K World Cup Chilevisión, ClaroVTR & Pixop, Chile X20 FIFA World Cup, all 104 matches Vivaro, Americas X5 + X20 Live racing from remote racecourses Thoroughbred Racing Productions in Australia X5 DP World Tour golf IMG with Cingularity in Europe Source: appear.net news, July–September 2026 7
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APPEAR’S UPDATES – I B C 2 0 2 6 Strong industry engagement and recognition (1) Independent media analysis by Platform Communications; the highest of any company tracked in the report. 8 240 Customer and partner meetings 336 Different companies met through the show 5 Industry awards 31% Share of IBC-related coverage 1 A WA RD S Best Video Processing Technology With NBC Sports Best Sports Broadcast Innovation With FOX Sports Best of Show, Security Media Firewall Best of Show ECx400 MXL IBC Innovation Award MXL initiative
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Q3 2026 in depth
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Q 3 2 0 2 6 I N D EP T H Long-term growth intact, last 12 months broadly flat 10Source: Company information. CAGR of rolling 4-quarter revenue, Q3 2022 (NOK 288 million) to Q3 2026 (NOK 778 million). +28% Revenue CAGR, LTM Q1 2022 – LTM Q3 2026 LA ST 12 M ONT HS Revenue broadly flat NOK 778 million, against NOK 769 million a year earlier Revenue rolling 4 quarters Revenue quarterly NOK million −6.2%278 96 Q1 260 44 Q2 288 79 Q3 322 104 Q4 314 88 Q1 362 93 Q2 381 97 Q3 418 141 Q4 450 120 Q1 550 193 Q2 594 141 Q3 606 153 Q4 649 163 Q1 727 271 Q2 769 183 Q3 801 185 Q4 870 232 Q1 789 190 Q2 778 172 Q3 2022 2023 2024 2025 2026
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Q 3 2 0 2 6 I N D EP T H Q3 2026 – Americas offset half of the EMEA decline BY G EO G R A PH Y - N OK M I L L I ON A ND Y O Y C H A N G E Q3 95.7 +19.5% 70.2 −29.6% 55.8% 40.9% 3.3% YTD 364.3 +18.2% 207.1 −28.5% 61.4% 34.9% 3.6% Q UA R T ER L Y R E V E NU E BY R EG I ON - N OK M I L L I ON 119 Q1 193 Q2 141 Q3 153 Q4 162 Q1 271 Q2 183 Q3 185 Q4 232 Q1 189 Q2 172 Q3 2024 2025 2026 Americas Europe, Middle East & Africa Asia Pacific C O M M EN T A R Y 11Source: Company information. • Americas +18.2% YTD, now 61.4% of revenue; three largest wins on X20, two displacing incumbents. • EMEA −28.5% YTD, against large deals delivered in prior-year; concentrated in under-covered continental Europe. • APAC +16.9% YTD; gateway win in Japan, X5 in Australia, Korea and Japan partners onboarding. 5.8 21.6
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Q 3 2 0 2 6 I N D EP T H Q3 2026 – Services share continues to grow BY PR OD UC T G R OU P - N OK M I L L I ON A ND Y O Y C H A N G E Source: Company information. 12 Q3 73.5 −14.7% 65.0 +1.0% 33.2 +2.2% 42.8% 37.9% 19.3% YTD 287.6 −8.4% 203.6 −11.0% 101.8 +38.4% 48.5% 34.3% 17.2% P R O D U C T M I X · % O F R E V EN U E 38 52 Q1 31 57 Q2 16 32 52 Q3 21 21 58 Q4 12 29 59 Q1 43 53 Q2 18 35 47 Q3 19 39 42 Q4 13 34 53 Q1 21 31 48 Q2 19 38 43 Q3 2024 2025 2026 Media processing and delivery platforms Software and licenses C O M M EN T A R Y • Support and consulting up 38.4% year -to- date, a growing recurring base. • Services share of Q3 revenue 19.3% (17.7%). • Platforms down in Q3 -14.7% and -8.4% year-to-date , reflecting fewer large deals in the absence of major events within customers’ current investment horizon. Support and consulting services
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Q3 & YTD financials
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Q3 2026 impacted by currency and increased personnel costs Revenue 171.7 NOK million Q3 2025: NOK 183.1 million Underlying EBITDAC1 (1.7) NOK million Q3 2025: NOK 35.5 million COM M ENT AR Y NOK million Q3 2026 Q3 2025 Revenue 171.7 183.1 Raw materials (51.4) (47.9) Gross earnings 120.3 135.2 Employee benefits exp. (68.7) (51.5) Other operating exp. (39.3) (33.8) EBITDA 12.3 49.9 32.6(1.7)EBITDAC Depreciation & amort. (12.2) (4.8) (17.4)(13.9)Capitalised development Operating profit 0.0 45.2 Net finance items (5.8) (3.4) Profit before tax (5.8) 41.8 Income tax 0.7 (12.9) Profit for the period (5.1) 28.9 14 • Revenue of NOK 171.7 (183.1) million; FX headwind of NOK 11.5 million, +0.1% excl. FX. • Gross margin of 70.1% (73.8%), with a stronger NOK (USD/NOK 9.526). • Employee benefits exp. of NOK 68.7 (51.5) million, driven by FTE growth to 243 (208) and restructuring costs of NOK 6.5 million. • Underlying EBITDAC of NOK negative 1.7 (35.5) million, a −1.0% (19.4%) margin, Q3 2025 excludes IPO costs of NOK 2.9 million. • Net finance expense of NOK 5.8 million, includes FX losses of NOK 8.2 (5.7) million. Q 3 & Y T D FI NA N C I A L S 1 Underlying EBITDAC excludes costs expensed in relation to the IPO: none in Q3 2026; NOK 2.9 million in Q3 2025. Capitalised development and EBITDAC (EBITDA adjusted for capitalised development) shown in italics are not part of the profit bridge.
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Q 3 & Y T D FI NA N C I A L S YTD 2026 impacted by weaker execution outside the Americas and increased headcount Revenue 593.0 NOK million YTD 2025: NOK 616.3 million Underlying EBITDAC1 35.8 NOK million YTD 2025: NOK 129.7 million COM M ENT AR Y NOK million YTD 2026 Revenue 593.0 616.3 Raw materials (177.5) (171.8) Gross earnings 415.5 444.5 Employee benefits exp. (209.0) (174.0) Other operating exp. (116.8) (101.2) EBITDA 89.7 169.4 122.435.8EBITDAC Depreciation & amort. (30.9) (12.5) (47.0)(53.9)Capitalised development Operating profit 58.8 157.0 Net finance items (3.2) (8.5) Profit before tax 55.7 148.4 Income tax (14.4) (34.9) Profit for the period 41.2 113.5 15 • Revenue of NOK 593.0 (616.3) million; FX headwind of NOK 42.4 million, +3.1% excl. FX. • Gross margin of 70.1% (72.1%), impacted by currency, U.S. tariffs, and a higher Americas share. • Employee benefits exp. Of NOK 209.0 (174.0) million: FTEs 236 (199) and NOK 9.1 million restructuring. • Underlying EBITDAC of NOK 35.8 (129.7) million, a 6.0% (21.0%) margin; YTD 2025 excludes IPO costs of NOK 7.3 million. • Net finance expense of NOK 3.2 (8.5) million, includes Net FX losses of NOK 12.9 (12.3) million , partially offset by fair value gains on money market funds of NOK 12.0 (6.0) million. YTD 2025 1 Underlying EBITDAC excludes costs expensed in relation to the IPO: none in YTD 2026; NOK 7.3 million in YTD 2025. Capitalised development and EBITDAC (EBITDA adjusted for capitalised development) shown in italics are not part of the profit bridge.
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Cash position impacted by inventory build, tax payments & investment in capitalised development COM M ENT AR Y Free cash flow, YTD 2026 (125.3) NOK million YTD 2025: NOK 79.3 million Free cash flow: cash generated by operations, adjusted for purchase of PP&E, purchase of intangible assets, and repayment of lease liabilities. 16 • Changes in working capital includes NOK 41.3 million inventory build for long -lead-time components, timing of supplier payments; trade receivables broadly stable. • Corporation tax payments of NOK 43.9 (18.5) million. • Cash Investment in capitalised development NOK 55.9 (47.1) million. • Money market funds NOK 100.0 million drawn from money market funds, against a NOK 20.0 million purchase in YTD 2025. Q 3 & Y T D FI NA N C I A L S Cash flow development, NOK million YTD 2026 YTD 2025 Cash at 1 January 60.5 96.8 EBITDA 89.7 169.4 Taxes paid (43.9) (18.5) Changes in working capital (76.1) 4.7 Investing, excl. money market funds (74.8) (57.6) Financing activities (8.3) (3.4) Currency & non-cash items (12.9) (12.7) Cash before money market funds (65.8) 178.7 Money market funds, net 100.0 (20.0) Cash at 30 September 34.2 158.7 (126.3) (26.3)
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Q 3 & Y T D FI NA N C I A L S Liquidity remains solid; working capital up on inventory Source: Company information. Equity ratio 74.8% (68.7%). 17 Available liquidity, NOK million Money market funds Cash 146 205 232 230 238 206 318 499 476 426 385 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Working capital, NOK million % of sales 50 27 35 47 60 146 59 60 93 118 140 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11% 5% 6% 8% 9% 20% 8% 8% 11% 15% 18% 2024 2025 2026 • Available liquidity of NOK 384.8 (31 December 2025: 499.1) million: cash NOK 34.2 million and money market funds NOK 350.6 million, with no interest - bearing debt. • Net fair value gains on money market funds increased to NOK 12.0 million (NOK 6.0 million). • Inventory up to NOK 85.4 (46.6) million, adding stock of longer -lead-time components; trade receivables of NOK 99.4 (108.8) million.
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Guidance & Capital Markets Day
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O UT L O OK 2026 revenue guidance unchanged, likely towards the lower end F UL L- Y EA R 2 0 2 6 R EV EN U E 880–920 Growth of approximately 10–15% year-on-year 19 • Dependent on closing a small number of large opportunities and December deliveries; delays could move revenue into 2027 • Lower end requires Q4 revenue above NOK 287 million NOK million MEDIUM- TO LONG-TERM Revenue growth ~25-30% p.a. Recurring revenue share 15-25% of total Gross margin ~70% EBITDAC margin 17-20% Scale through order growth levers Stickiness from growing software and services mix Margin discipline as volume ramps Operating leverage at scale• Given current visibility, full -year revenue is more likely to be towards the lower end of the guidance range
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O UT L O OK Capital Markets Day Strategic framework, target markets, and growth through the industry’s investment cycles Updated long-term strategic framework The markets we are targeting Growth through the industry’s investment cycles Financial targets 7 December 2026 20
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Live Q&A