Interim report
Page 1
INTERIM REPORT – APPEAR ASA Q3 and first nine months 29 OCTOBER 2026 OSLO STOCK EXCHANGE – APR 20262026
Page 2
TABLE OF CONTENT In this report HIGHLIGHTS 03 Q3 2026 and year-to-date 2026 highlights 03 Key figures 04 CEO letter 05 PART 1 BUSINESS REVIEW 06 Revenue by quarter, geography and products 07 Technology and business updates 08 Market trends driving demand 08 Commercial highlights by region 09 Product and technology milestones 10 Outlook 11 PART 2 FINANCIAL INFORMATION 12 Financial review 13 Condensed consolidated interim financial statements 17 Condensed consolidated income statement 17 Condensed consolidated balance sheet 18 Condensed consolidated statement of equity 19 Condensed consolidated cash flow statement 20 Notes 21 Note 1 General 21 Note 2 Basis of preparation 21 Note 3 Revenue by geography and product group 21 Note 4 Intangible assets 22 Note 5 Financial assets and fair value 22 Note 6 Cash and cash equivalents 22 Note 7 Significant events 23 Note 8 Events occurring after the reporting period 23 Note 9 Principal risks and uncertainties 23 Appendix – Alternative performance measures (APMs) 24 Appendix – Definitions 26 Shareholder information 27 Financial calendar 27 Q3 2026 INTERIM REPORT 02
Page 3
01 – HIGHLIGHTS Q3 revenue of Year-to-date revenue of REVENUE 171.7 NOK million −6.2% YoY 183.1 171.7 Q3 2025 Q3 2026 GROSS MARGIN 70.1% −3.8pp 73.8% 70.1% Q3 2025 Q3 2026 UNDERLYING EBITDAC1 (1.7) NOK million −1.0% margin, −20.3pp 35.5 (1.7) Q3 2025 Q3 2026 AVAILABLE LIQUIDITY 384.8 NOK million No interest-bearing debt 499.1 384.8 31 Dec 25 30 Sep 26 1 Jul – 30 Sep 2026 – NOK million unless otherwise stated VALUE CHANGE Revenue 171.7 −6.2% Gross margin 70.1% −3.8pp Underlying EBITDAC (1.7) −37.1 Underlying EBITDAC margin −1.0% −20.3pp EBIT 0.0 −100.0% EBIT margin 0.0% −24.7pp Net loss (5.1) −34.0 EPS, NOK (0.12) −0.89 Free cash flow (42.9) −153.9 Available liquidity 384.8 −114.3 Full-time equivalents 242.5 +16.6% 1 Jan – 30 Sep 2026 – NOK million unless otherwise stated VALUE CHANGE Revenue 593.0 −3.8% Gross margin 70.1% −2.1pp Underlying EBITDAC 35.8 −93.8 Underlying EBITDAC margin 6.0% −15.0pp EBIT 58.8 −62.5% EBIT margin 9.9% −15.5pp Net profit 41.2 −72.3 EPS, NOK 1.02 −2.01 Free cash flow (125.3) −204.6 1 Underlying EBITDAC and underlying EBITDAC margin exclude the impact of items that are considered exceptional, such as IPO costs. Underlying EBITDAC margin is calculated as underlying EBITDAC as a percentage of total revenue. Q3 2026 INTERIM REPORT – HIGHLIGHTS 03 NOK 171.7 millionNOK 171.7 million NOK 593.0 millionNOK 593.0 million Q3 2026 highlightsQ3 2026 highlights Year-to-date highlightsYear-to-date highlights
Page 4
01 – HIGHLIGHTS NOK million unless otherwise stated. Quarter, year-to-date and last 12 months ended are unaudited. Q3 YTD LAST 12 MONTHS ENDED YEAR ENDED 1 Jul – 30 Sep 1 Jan – 30 Sep 30 Sep 2026 31 Dec 2025 Unaudited Unaudited Unaudited 2026 2025 Δ 2026 2025 Δ LTM FY 2025 REVENUE AND MARGIN Revenue 171,701 183,064 −6.2% 593,011 616,327 −3.8% 777,626 800,943 Revenue growth, % −6.2% 30.0% −36.2pp −3.8% 36.1% −39.9pp 1.1% 32.3% Gross earnings 120,277 135,158 −11.0% 415,493 444,534 −6.5% 550,232 579,273 Gross margin 70.1% 73.8% −3.8pp 70.1% 72.1% −2.1pp 70.8% 72.3% PROFITABILITY EBITDAC (1,670) 32,554 −105.1% 35,832 122,385 −70.7% 37,847 124,400 EBITDAC margin −1.0% 17.8% −18.8pp 6.0% 19.9% −13.8pp 4.9% 15.5% Underlying EBITDAC (1,670) 35,467 −104.7% 35,832 129,681 −72.4% 48,384 142,233 Underlying EBITDAC margin −1.0% 19.4% −20.3pp 6.0% 21.0% −15.0pp 6.2% 17.8% EBIT 8 45,151 −100.0% 58,812 156,962 −62.5% 72,569 170,719 EBIT margin 0.0% 24.7% −24.7pp 9.9% 25.5% −15.5pp 9.3% 21.3% Profit/(loss) for the period (5,070) 28,926 −117.5% 41,246 113,496 −63.7% 56,912 129,162 Net margin −3.0% 15.8% −18.8pp 7.0% 18.4% −11.5pp 7.3% 16.1% PER SHARE Average no. of shares, ’000s 40,626 37,596 +8.1% 40,616 37,512 +8.3% 40,269 37,971 Basic EPS, NOK (0.12) 0.77 −116.2% 1.02 3.03 −66.4% 1.41 3.40 CASH AND LIQUIDITY Free cash flow (42,935) 110,946 (153,882) (125,253) 79,319 (204,572) (140,368) 64,204 Available liquidity 384,800 318,297 +66,503 384,800 318,297 +66,503 384,800 499,099 Q3 2026 INTERIM REPORT – HIGHLIGHTS 04 Key figuresKey figures
Page 5
02 – CEO LETTER Letter from the CEO Thomas Bostrøm Jørgensen, Chief Executive Officer Dear shareholders, The transition our customers are making, from fixed infrastructure to IP, software, and distributed production, did not slow in the third quarter. Their investment timing did. Live production is an event-driven industry: spending concentrates around major rights cycles and tournaments, and the gaps between them produce uneven quarters even when the direction is intact. That’s the backdrop to this quarter but it doesn’t account for everything in it. Q3 revenue was NOK 171.7 million, compared to revenue of NOK 183.1 million in Q3 2025, with underlying EBITDAC of negative NOK 1.7 million against NOK 35.5 million. Currency worked against us year-on-year, with an effect of approximately NOK 11.5 million on revenue for the quarter. Excluding this effect, revenue would have been broadly flat (+0.1%) year-on-year. The rest of the gap is sales coverage. Our installed base kept converting, existing customers extended and expanded with us through the quarter, a sign of our leading position with the accounts we already serve. What the quarter lacked was commercial capacity above all in continental Europe. The pattern shows across the regions: where we had coverage, we grew and delivered on plan, where coverage thinned so did revenue. We are addressing our geographical reach directly: strengthening coverage through senior in-market appointments, sharper territory focus, and a deliberate shift to selling through partners in markets where they reach further than we can alone. The Americas carried growth, up 19.5% in the quarter and 18.2% year-to-date, now 61.4% of year-to-date revenue, offsetting around two-thirds of the EMEA decline year-to-date and about half of it within the quarter. The three largest wins in the Americas were all tied to the X20 Platform: deployments at a major sports league and a broadcast group displaced incumbent infrastructure, while a third reflected continued expansion within an existing global account. EMEA revenue declined 29.6% year-on-year, concentrated in continental Europe, where we have been under-covered for most of the year. The business we won there came overwhelmingly from existing customers. The base held but we were not present enough to compete for the new. Asia Pacific grew from a small base under a reset, partner-led model, with channel partners in Korea and Japan moving into active onboarding during the quarter, laying groundwork for conversion ahead. Latin America delivered on plan through disciplined, project-led execution. The product story continued to strengthen in the quarter. The X Platform was selected for some of the most demanding live productions in the world, including FIFA World Cup production workflows. X5 gained JPEG XS support ahead of the next Olympic cycle. VX, our software-based processing platform reached general availability in August. Its first commercial deployment went live in July, supporting the remote production of a major international cycling event. HUB continues to broaden its role as the operational home for software and support across the installed base. Appear also received four industry awards at IBC 2026. We continued reshaping the organisation toward the skills a software-defined portfolio requires, investing in engineering competence while holding overall headcount discipline in a demanding year. The restructuring costs recognised this quarter reflect that reshaping. Our full-year 2026 revenue guidance of NOK 880–920 million, as set out following our Q2 results, remains in place. The fourth quarter is about execution. On 7 December we will host Appear’s first Capital Markets Day, where we will set out our strategic framework, the markets we are targeting, and how we think about growth through the industry’s investment cycles. We would be pleased to see you there. Thomas Bostrøm Jørgensen Chief Executive Officer Q3 2026 INTERIM REPORT – CEO LETTER 05
Page 6
Business review Revenue by quarter, geography and products 07 Technology and business updates 08 Market trends driving demand 08 Commercial highlights by region 09 Product and technology milestones 10 Outlook 11 Q3 2026 INTERIM REPORT – BUSINESS REVIEW 06 PART 1PART 1
Page 7
03 – REVENUE Revenue by NOK million unless otherwise stated. Quarter and year-to-date figures unaudited. Revenue by quarter 88 93 97 141 120 193 141 153 163 271 183 185 232 190 −6.2% 172 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Revenue by rolling four quarters CAGR, LTM Q4 2023 – Q3 2026 +25.3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 By geography NOK million and YoY change Q3 2026 95.7 +19.5% 70.2 −29.6% 5.7 +77.0% 55.8% 40.9% 3.3% YEAR TO DATE 364.3 +18.2% 207.1 −28.5% 21.5 +16.9% 61.4% 34.9% 3.6% Americas Europe, Middle East & Africa Asia Pacific By product group NOK million and YoY change Q3 2026 73.5 −14.7% 65.0 +1.0% 33.2 +2.2% 42.8% 37.9% 19.3% YEAR TO DATE 287.6 −8.4% 203.6 −11.0% 101.8 +38.4% 48.5% 34.3% 17.2% Media processing and delivery platforms Software and licenses Support and consulting services Figures in the bars show revenue in NOK million and, in the bar chart, the change versus the same period of 2025. Percentages below the bars show each segment’s share of total revenue for the period. Q3 2026 INTERIM REPORT – REVENUE 07 quarterquarter 314 362 380 418 450 550 594 606 649 727 769 801 870 789 778
Page 8
04 – MARKET TRENDS DRIVING DEMAND IBC 2026 several trends relevant to Appear’s positioning IBC Show in Amsterdam September 11-14 remains the pivotal moment in the industry calendar for validating commercial and technology direction, and this year's edition confirmed several trends relevant to Appear's positioning. Cloud-enabled processing and distribution The shift of video processing and distribution workloads to cloud infrastructure continued, reinforcing the direction of travel for the industry’s technology stack. Media processing moves to cloud compute The industry movement to optimise complex media processing functions for generalised compute environments, both public and private cloud, continued to gain traction, with multiple demonstrations and industry awards at IBC. AI assessed, not yet adopted at scale Artificial intelligence was the dominant topic of discussion on the show floor as the industry assesses its commercial impact. Early indicators point to the greatest near-term potential in accelerating and supporting the content creation process, rather than in live processing and distribution, where Appear operates. Sports rights value and cost discipline The value of sports media rights continues to rise, and the broader media value chain is responding with technology investment aimed at new viewer experiences underpinned by assured low-latency processing. The value chain remains well funded, but customers continue to face pressure to reduce production costs and improve efficiency. Customer insight Appear's customer satisfaction survey, together with the North America customer council held in Oslo in the third week of September, provided clear insight into customer priorities. Feedback confirms that the X product portfolio is valued for its resilience in live, high-value content workflows, its flexibility in handling an expanding range of complex formats and conversions and the processing density that hardware-based platforms continue to deliver cost-efficiently relative to software-only alternatives. INDUSTRY RECOGNITION IBC 2026 drew four awards for Appear 4 Awards at IBC 2026 31% 1 Share of total IBC related coverage CSI MAGAZINE AWARDS Best Video Processing Technology - awarded jointly with NBC Sports for the X Platform’s role in NBC Sports’ production of the 2026 Milan Cortina Winter Olympics. CSI MAGAZINE AWARDS Best Sports Broadcast or Streaming Innovation - awarded jointly with FOX Sports for the X Platform’s role in FOX Sports’ live production of the FIFA World Cup. TV TECH BEST OF SHOW Security category - for X Platform Media Firewall. TVBEUROPE BEST OF SHOW For ECx400, the next-generation, high-density live production compression module for the X10 and X20 modular hardware platforms. 1 Independent media analysis by Platform Communications put Appear’s share of total IBC related coverage at 31%, the highest of any company tracked in the report. Q3 2026 INTERIM REPORT – TECHNOLOGY AND BUSINESS UPDATES 08 confirmedconfirmed 0101 0202 0303 0404
Page 9
04 – COMMERCIAL HIGHLIGHTS BY REGION Americas account for of Q3 revenue Q3 revenue was NOK 171.7 million, down 6.2%, taking year-to-date revenue to NOK 593.0 million, down 3.8%. The pattern seen through the first half continued: the Americas carried growth, offsetting around two-thirds of the EMEA decline year-to-date and about half of it within the quarter, while Asia Pacific grew from a small base. Within EMEA, the decline was concentrated in continental Europe, and the business won in the quarter came overwhelmingly from existing customers. AMERICAS 95.7 NOK million, Q3 2026 Share Q3 55.8% Share YTD 61.4% QUARTER +19.5% 80.1 95.7 Q3 2025 Q3 2026 YEAR TO DATE +18.2% 308.3 364.3 YTD 2025 YTD 2026 EMEA 70.2 NOK million, Q3 2026 Share Q3 40.9% Share YTD 34.9% QUARTER −29.6% 99.7 70.2 Q3 2025 Q3 2026 YEAR TO DATE −28.5% 289.6 207.1 YTD 2025 YTD 2026 ASIA PACIFIC 5.7 NOK million, Q3 2026 Share Q3 3.3% Share YTD 3.6% QUARTER +77.0% 3.2 5.7 Q3 2025 Q3 2026 YEAR TO DATE +16.9% 18.4 21.5 YTD 2025 YTD 2026 Revenue, NOK million. Quarter and year-to-date bars each on a common scale across regions; prior year in grey. Americas Americas revenue grew 19.5% to NOK 95.7 million in the quarter and 18.2% to NOK 364.3 million year-to-date, taking the region to 61.4% of year-to-date revenue. In North America, growth remained concentrated: a small group of global media and sports rights holders accounted for close to half of the quarter’s regional gain. The quarter’s largest single deal was won at a major sports league, Appear’s largest North American account, displacing an existing video infrastructure vendor. A further win came at a major sports league, where Appear displaced an incumbent vendor across a replay operations centre spanning more than 200 channels. The third of the quarter’s largest deals reflected continued expansion within an existing global account whose Appear footprint now spans both North America and EMEA. Latin America contributed a different pattern of growth, led by technology refresh and platform expansion activity across an existing cable and telecommunications customer base, including inter-facility connectivity work for a national broadcaster. EMEA EMEA revenue was down 29.6% to NOK 70.2 million in the quarter and down 28.5% to NOK 207.1 million year-to-date, against a prior-year period that included several large infrastructure deliveries. Within the quarter, revenue improved sequentially from Q2, driven by a small number of strategic accounts: a major international sports rights and media agency alone accounted for close to a quarter of regional revenue, and together with a leading European pay-TV broadcaster and a major European telecommunications operator, the top three accounts made up around 39% of regional revenue in the quarter. A further contribution came from a media services provider supporting a national football league’s production infrastructure. Beyond this concentrated base, X5 opened a new engagement route: global sports marketing agency IMG, through UK broadcast partner Cingularity, became the first customer to deploy X5 internationally, for flyaway contribution to DP World Tour golf coverage. Broadening revenue beyond this strategic set of accounts remains the region’s main focus for Q4. Asia Pacific Asia Pacific revenue rose 77.0% to NOK 5.7 million in the quarter and 16.9% to NOK 21.5 million year-to-date. The quarter’s largest booking was a gateway solution win with a major production services provider in Japan, strengthening Appear’s position in the region’s live-production market. A further X5 win was secured within the same customer group in Australia, extending adoption across the region. The quarter’s underlying activity was mainly in partner execution and customer validation: channel partners in Korea and Japan moved into active onboarding, and proof-of- concept activity with several regional broadcasters and platforms progressed toward commercial stages. This lays groundwork for conversion in coming quarters. Q3 2026 INTERIM REPORT – TECHNOLOGY AND BUSINESS UPDATES 09 55.8%55.8%
Page 10
04 – PRODUCT AND TECHNOLOGY MILESTONES Platform Q3 was a quarter of external validation and platform progress, with the X Platform recognised four times at IBC 2026, VX 2.0 reaching general availability and its first commercial deployment, and X5 adding JPEG XS capability ahead of the next Olympic cycle. HARDWARE X Platform The X Platform’s role in NBC Sports’ Milan Cortina coverage and FOX Sports’ FIFA World Cup production was recognised with two CSI Magazine awards at IBC 2026, alongside Best of Show honours for ECx400 and the Media Firewall (see Industry Recognition, below). ECx400 extends high-density encoding on the X Platform and will be commercialised in Q4. World Cup deployments continued to broaden the platform’s footprint. Chilevisión, ClaroVTR and Pixop used X20 to deliver Chile’s first large-scale 4K World Cup service, and Vivaro used X20 across all 104 matches. Module updates during the quarter added UHD support on SIx300 and HDR status and override on IPX210. In September, X5 gained JPEG XS support, with encode and decode over SDI and IP, including SRT transport, a key capability ahead of the next Olympic cycle. A further HEVC software update shipped during the quarter. TRP validated REMI production over bonded 5G and LEO satellite using X5 and X20, demonstrating the platform’s flexibility across contribution paths. SOFTWARE VX Platform and Appear HUB VX 2.0 reached general availability in August, adding AVC and HEVC video decoding, audio decoding and transport stream demultiplexing, NDI and RTMP outputs, and single sign-on. The first commercial VX deployment went live in July, supporting remote production of a major international cycling event. Appear HUB shipped three releases in Q3: role-based access control with new user roles, in-portal notifications for new software releases with “What’s new” summaries, VX software and documentation delivered through HUB. Industry standards and partnerships Q3 saw intensive work across several strands of the Dynamic Media Facility (DMF), the strategic, industry-wide initiative in which Appear leads one area of development and contributes to several others, alongside continued progress on MXL. Appear is engaged in both technology development and the requirements council, foundational to the Live Production Software Tools roadmap being developed on the VX Platform. During IBC, MXL, the industry initiative Appear has contributed to since its earliest stages, received the IBC 2026 Innovation Award in the Content Creation category, recognition shared with the wider community of contributing partners. Appear is also initiating new work streams within the Video Services Forum, each reinforcing Appear's standing in the industry and spanning both the X and VX platforms. Q3 2026 INTERIM REPORT – TECHNOLOGY AND BUSINESS UPDATES 10 progressprogress
Page 11
05 – OUTLOOK 2026 revenue guidance FULL-YEAR 2026 REVENUE NOK 880–920m Growth of approximately 10–15% year-on-year. Our full-year 2026 revenue guidance, communicated following the second quarter, remains unchanged: we continue to expect revenue in the range of NOK 880–920 million, representing growth of approximately 10–15% year-on-year. Reaching the lower end of the full-year guidance range requires fourth-quarter revenue of more than NOK 287 million, while the upper end would require approximately NOK 327 million. Given current visibility, full-year revenue is more likely to be towards the lower end of the guidance range. Achieving this remains dependent on closing a small number of large opportunities and meeting December delivery commitments. Revenue has been concentrated in the Americas and a limited number of strategic accounts. The Americas is expected to keep delivering year-on-year growth, while measures to strengthen coverage in EMEA and Asia Pacific will take time to take effect; delays in customer decisions or deliveries could move revenue into 2027. We continue to see positive underlying developments across products and commercial pipeline, including growing traction for X5 and VX and a build-up of opportunities ahead of major regional rights renewals and sporting events from 2027 onwards. Event-driven infrastructure investment is expected to remain subdued through the remainder of 2026 as the industry transitions between investment cycles, before the 2027 to 2029 rights renewal wave drives the next phase of investment. CAPITAL MARKETS DAY 7 December 2026 RSVP: invitations@abgsc.no – Please contact margot.ouali@appear.net or invitations@abgsc.no if you have any questions regarding the event. Q3 2026 INTERIM REPORT – OUTLOOK 11 unchangedunchanged
Page 12
Financial information Financial review 13 Condensed consolidated interim financial statements 17 Condensed consolidated income statement 17 Condensed consolidated balance sheet 18 Condensed consolidated statement of equity 19 Condensed consolidated cash flow statement 20 Notes 21 Appendix – Alternative performance measures (APMs) 24 Appendix – Definitions 26 Shareholder information 27 Financial calendar 27 Q3 2026 INTERIM REPORT – FINANCIAL INFORMATION 12 PART 2PART 2
Page 13
06 – FINANCIAL REVIEW Income statement – Financial information in the graphs below are presented in NOK million. Financial information presented in brackets within the narrative section provides the relevant disclosure for the comparative reporting period in the prior year. REVENUE 171.7 Q3 2025: 183.1−6.2% GROSS MARGIN 70.1% Q3 2025: 73.8%−3.8pp UNDERLYING EBITDAC (1.7) Q3 2025: 35.5−104.7% LOSS FOR THE PERIOD (5.1) Q3 2025: 28.9−117.5% REVENUE TO EBITDAC 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 Capitalised development (13.9) (17.4) EBITDAC (1.7) 32.6 Quarter 1 Jul – 30 Sep 2026 Revenue in the quarter amounted to NOK 171.7 million (NOK 183.1 million), representing a decrease of 6.2%. Q3 2026 reported revenue was adversely impacted by currency effects of approximately NOK 11.5 million, excluding currency effects, revenue would have been broadly in line with the prior year (+0.1%). Americas was the largest sales region with revenue of NOK 95.7 million (NOK 80.1 million, +19.5%), followed by EMEA with NOK 70.2 million (NOK 99.7 million, -29.6%) and APAC with NOK 5.7 million (NOK 3.2 million, +77.0%). Revenue split by product group for Q3 2026 was hardware 42.8% (47.1%), software 37.9% (35.2%) and services 19.3% (17.7%). The shortfall was concentrated in EMEA, against a prior-year quarter that included several large infrastructure deliveries. EMEA revenue nonetheless improved sequentially from Q2, supported by a small number of strategic accounts, with the top three accounting for around 39% of regional revenue in the quarter. The Americas offset around half of the EMEA decline, with growth concentrated among global media and sports rights holders and supported by competitive wins against incumbent vendors at a major sports league and a broadcast group. Asia Pacific grew from a small base, led by a gateway solution win with a major production services provider in Japan. Cost of raw materials and consumables was NOK 51.4 million (NOK 47.9 million), giving gross earnings of NOK 120.3 million (NOK 135.2 million) and a gross margin of 70.1% (73.8%), a decrease of 3.8 percentage points year-on-year. Margin was impacted by headwinds from a materially stronger NOK (the USD/NOK exchange rate averaged 9.526 for the quarter), and the continued impact of U.S. import tariffs. Employee benefit expenses were NOK 68.7 million (NOK 51.5 million), after capitalisation of development costs of NOK 12.6 million (NOK 15.2 million). The increase was attributable to growth in full-time equivalents to 243 (208) and restructuring costs of NOK 6.5 million (nil). With the exception of sales commission plans, no amounts were recognised for short-term and long- term incentive plans in light of current financial performance and non-market vesting conditions. Other operating expenses were NOK 39.3 million (NOK 33.8 million), after capitalisation of directly attributable development costs of NOK 1.3 million (NOK 2.2 million). The prior year comparative included NOK 2.9 million for costs expensed in relation to the IPO. The increase was predominantly explained by costs associated with increased headcount. EBITDAC for Q3 2026 was negative NOK 1.7 million (NOK 32.6 million), a -1.0% margin (17.8%). Underlying EBITDAC, which excludes the IPO costs expensed in the prior year comparative of NOK 2.9 million, was negative NOK 1.7 million (NOK 35.5 million), reflecting -1.0% underlying margin (19.4%). Depreciation and amortisation amounted to NOK 12.2 million (NOK 4.8 million), reflecting increased amortisation charges on capitalised technological development expenditure NOK 5.9 million (NOK 0.6 million). Operating profit amounted to NOK 0.0 million (NOK 45.2 million). Net finance income/(expenses) amounted to an expense NOK 5.8 million (NOK 3.4 million expense). Interest income was NOK 0.3 million (NOK 0.2 million) and interest expense, predominantly attributable to lease interest, was NOK 1.1 million (NOK 1.0 million). Net fair value gains on money market funds increased to NOK 3.1 million (NOK 1.9 million). Net foreign exchange losses were NOK 8.2 million (NOK 5.7 million), with no gain or loss on forward exchange contracts in the quarter (net fair value gain of NOK 1.2 million). Loss for the period for Q3 2026 was NOK 5.1 million (profit NOK 28.9 million) including an income tax credit of NOK 0.7 million (income tax expense of NOK 12.9 million), at an effective rate of 12.3% (30.8%). Q3 2026 INTERIM REPORT – FINANCIAL REVIEW 13 quarterquarter
Page 14
0 6 – F I N A N C I A L R E V I E W Income statement – Financial information in the graphs below are presented in NOK million. Financial information presented in brackets within the narrative section provides the relevant disclosure for the comparative reporting period in the prior year. R E V E N U E 593.0 YTD 2025: 616.3 −3.8% G R O S S M A R G I N 70.1% YTD 2025: 72.1% −2.1pp U N D E R L Y I N G E B I T D A C 35.8 YTD 2025: 129.7 −72.4% P R O F I T F O R T H E P E R I O D 41.2 YTD 2025: 113.5 −63.7% R E V E N U E T O E B I T D A C YTD 2026 YTD 2025 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 Capitalised development (53.9) (47.0) EBITDAC 35.8 122.4 Year-to-date 1 Jan – 30 Sep 2026 Revenue for the first nine months of 2026 amounted to NOK 593.0 million (NOK 616.3 million), representing a decrease of 3.8%. The shortfall in the first nine months was driven by weaker short-term commercial execution outside the Americas. Year-to-date 2026 reported revenue was adversely impacted by currency effects of approximately NOK 42.4 million, excluding currency effects, revenue would have increased by 3.1% year-on-year. Americas was the largest sales region with revenue of NOK 364.3 million (NOK 308.3 million, +18.2%), followed by EMEA with NOK 207.1 million (NOK 289.6 million, -28.5%) and APAC with NOK 21.5 million (NOK 18.4 million, +16.9%). Revenue split by product group for YTD 2026 was hardware 48.5% (51.0%), software 34.3% (37.1%) and services 17.2% (11.9%). The Americas offset around two-thirds of the EMEA decline year- to-date, taking the region to 61.4% of year-to-date revenue. The EMEA decline primarily reflects a prior-year period that included several large infrastructure deliveries, and the region remains reliant on a small number of strategic accounts. Cost of raw materials and consumables was NOK 177.5 million (NOK 171.8 million), resulting in gross earnings of NOK 415.5 million (NOK 444.5 million), achieving a gross margin of 70.1% (72.1%), the margin decreased by 2.1 percentage points year-on-year. Gross margin was impacted by currency effects and adverse impact from U.S. tariffs, with the tariffs implemented in April 2025, and a higher share of sales to the Americas. Employee benefit expenses were NOK 209.0 million (NOK 174.0 million), after capitalisation of development costs of NOK 48.7 million (NOK 42.0 million). The increase was attributable to growth in full-time equivalents to 236 (199) and restructuring costs of NOK 9.1 million (nil). With the exception of sales commission plans, no amounts have been recognised year-to- date for short-term and long-term incentive plans in light of financial performance and non-market vesting conditions. Other operating expenses were NOK 116.8 million (NOK 101.2 million), after capitalisation of directly attributable development costs of NOK 5.2 million (NOK 5.0 million). The prior year comparative included NOK 7.3 million for costs expensed in relation to the IPO. The increase was predominantly explained by costs associated with increased headcount. EBITDAC for the first nine months of 2026 was NOK 35.8 million (NOK 122.4 million), reflecting a 6.0% margin (19.9%). Underlying EBITDAC, which excludes the IPO costs expensed in the prior year comparative of NOK 7.3 million, was NOK 35.8 million (NOK 129.7 million), reflecting 6.0% underlying margin (21.0%). Depreciation and amortisation amounted to NOK 30.9 million (NOK 12.5 million), reflecting increased amortisation charges on capitalised technological development expenditure NOK 13.3 million (NOK 0.7 million). Operating profit amounted to NOK 58.8 million (NOK 157.0 million). Net finance income/(expenses) amounted to an expense of NOK 3.2 million (NOK 8.5 million expense). Interest income was NOK 1.0 million (NOK 0.8 million) and interest expense, predominantly attributable to lease interest, was NOK 3.2 million (NOK 3.0 million). Net fair value gains on money market funds increased to NOK 12.0 million (NOK 6.0 million). Net foreign exchange losses were NOK 12.9 million (NOK 12.3 million). Profit for the period for the first nine months of 2026 was NOK 41.2 million (NOK 113.5 million), including income tax expense of NOK 14.4 million (NOK 34.9 million), at an effective rate of 25.9% (23.5%). Q3 2026 INTERIM REPORT – FINANCIAL REVIEW 14 year-to-dateyear-to-date
Page 15
06 – FINANCIAL REVIEW Financial position Financial information in the graphs below are presented in NOK million. Financial information presented in brackets within the narrative section provides the relevant disclosure for the balance sheet reported as at 31 December 2025. AVAILABLE LIQUIDITY 384.8 31 Dec 2025: 499.1−114.3 CAPITALISED DEV. 108.5 31 Dec 2025: 66.0+42.5 WORKING CAPITAL 139.5 31 Dec 2025: 60.2+79.3 EQUITY RATIO 74.8% 31 Dec 2025: 68.7%+6.1pp Appear maintained a solid financial position with strong available liquidity and no interest-bearing debt. Total assets amounted to NOK 845.7 million (NOK 858.0 million) and total equity amounted to NOK 632.4 million (NOK 589.5 million), resulting in an equity ratio of 74.8% (68.7%). Non-current assets amounted to NOK 207.0 million (NOK 158.1 million) with the increase attributable to capitalised development cost recognised within Intangible assets NOK 108.5 million (NOK 66.0 million). Current assets amounted to NOK 638.7 million (NOK 699.9 million) with available liquidity of NOK 384.8 million (NOK 499.1 million) comprising cash and cash equivalents of NOK 34.2 million (NOK 60.5 million) and financial assets held in money market funds which decreased to NOK 350.6 million (NOK 438.6 million). Trade receivables were NOK 99.4 million (NOK 108.8 million). Inventory increased to NOK 85.4 million (NOK 46.6 million), a deliberate build of inventory for long-lead-time components to protect delivery capability. Non-current liabilities amounted to NOK 79.6 million (NOK 73.2 million) attributable to lease liabilities NOK 54.5 million (NOK 53.5 million) and contract liabilities with performance obligations greater than 1 year of NOK 18.9 million (NOK 16.2 million). Current liabilities amounted to NOK 133.8 million (NOK 195.2 million) attributable to trade payables NOK 22.6 million (NOK 34.1 million), tax liabilities reduced to NOK 7.4 million (NOK 43.9 million) following payment of 2025 prior year tax position and other current liabilities of NOK 91.8 million (NOK 106.5 million) which includes contract liabilities performance obligations due within the next 12 months. Q3 2026 INTERIM REPORT – FINANCIAL REVIEW 15
Page 16
06 – FINANCIAL REVIEW Cash flow Financial information in the graphs below are presented in NOK million. Financial information presented in brackets within the narrative section provides the relevant disclosure in the cashflow statement for the comparative reporting period. FREE CASH FLOW Q3 (42.9) Q3 2025: 110.9 FREE CASH FLOW YTD (125.3) YTD 2025: 79.3 INVENTORY BUILD YTD 41.3 long-lead components TAX PAID YTD 43.9 YTD 2025: 18.5 YEAR-TO-DATE – CASH FLOW DEVELOPMENT YTD 2026 YTD 2025 Cash at 1 January 60.5 96.8 Operating activities (40.1) +143.6 Investing activities +25.2 (77.6) Financing activities (8.3) (3.4) FX differences (3.0) (0.7) Cash at 30 September 34.2 158.7 Investing activities include NOK 100.0 million drawn from money market funds. Free cash flow was negative NOK 42.9 million in the quarter and negative NOK 125.3 million year-to-date. This largely reflects specific items in the first nine months: a NOK 41.3 million build of inventory for long-lead-time components; corporation tax payments of NOK 43.9 million year-to-date, and the timing of supplier payments. Trade receivables remained broadly stable through the period. Quarter 1 Jul – 30 Sep 2026 Net cash flow from operating activities was negative NOK 17.0 million (positive NOK 134.7 million), positive EBITDA of NOK 12.3 million (NOK 49.9 million), net change in working capital was negative NOK 19.3 million (positive NOK 92.1 million) and payment of corporation tax NOK 2.0 million (NOK 1.6 million). Net cash flow from investing activities was negative NOK 22.2 million (negative NOK 21.0 million), with no money market fund transactions in the quarter (purchases and sales of NOK 40.0 million each in Q3 2025). Investments in capitalised development expenditure totalled NOK 14.4 million (NOK 17.4 million) and payments for property, plant and equipment totalled NOK 7.8 million (NOK 3.8 million). Net cash flow from financial activities was negative NOK 3.6 million (negative NOK 2.6 million), comprising repayment of lease liabilities NOK 2.5 million (NOK 1.5 million) and interest paid of NOK 1.1 million (NOK 1.0 million), with no sale of treasury shares in the quarter (nil). Year-to-date 1 Jan – 30 Sep 2026 Net cash flow from operating activities was negative NOK 40.1 million (positive NOK 143.6 million), positive EBITDA of NOK 89.7 million (positive NOK 169.4 million), net change in working capital was negative NOK 76.1 million (positive NOK 4.7 million) and payment of corporation tax NOK 43.9 million (NOK 18.5 million). Net cash flow from investing activities was positive NOK 25.2 million (negative NOK 77.6 million), drawdown from the money market funds generated positive proceeds of NOK 100.0 million (net purchases of NOK 20.0 million). Investments in capitalised development expenditure totalled NOK 55.9 million (NOK 47.1 million) and payments for property, plant and equipment totalled NOK 19.1 million (NOK 11.2 million). Net cash flow from financial activities was negative NOK 8.3 million (negative NOK 3.4 million), comprising repayment of lease liabilities NOK 6.9 million (NOK 3.0 million), interest paid of NOK 3.2 million (NOK 3.0 million) offset by positive proceeds generated from the sale of treasury shares NOK 1.9 million (positive NOK 2.5 million). Q3 2026 INTERIM REPORT – FINANCIAL REVIEW 16
Page 17
07 – INTERIM FINANCIAL STATEMENTS Condensed consolidated income statement Q3 YTD LAST 12 MONTHS ENDED YEAR ENDED 1 Jul – 30 Sep 1 Jan – 30 Sep 30 Sep 2026 31 Dec 2025 Unaudited Unaudited Unaudited NOK thousands Note 2026 2025 2026 2025 2026 2025 Revenue from contracts with customers 3 171,701 183,064 593,011 616,327 777,626 800,943 Other operating income – – – 66 – 66 Total revenue 171,701 183,064 593,011 616,393 777,626 801,008 Raw materials and consumables used (51,424) (47,906) (177,517) (171,793) (227,394) (221,670) Employee benefit expenses (68,739) (51,460) (209,001) (173,959) (277,436) (242,394) Depreciation and amortisation (12,245) (4,797) (30,884) (12,470) (36,821) (18,407) Disposal of property, plant and equipment – – (28) – (58) (29) Other operating expenses (39,284) (33,751) (116,768) (101,209) (163,348) (147,789) Total operating expenses (171,693) (137,913) (534,199) (459,432) (705,056) (630,289) Operating profit/(loss) 8 45,151 58,812 156,962 72,569 170,719 Net finance income and finance expenses (5,789) (3,374) (3,153) (8,520) 4,106 (1,261) Profit before tax (5,780) 41,777 55,659 148,442 76,675 169,458 Income tax expense 710 (12,851) (14,413) (34,946) (19,764) (40,296) Profit/(loss) for the period (5,070) 28,926 41,246 113,496 56,912 129,162 ITEMS THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS Exchange difference on translation of foreign operations (563) 393 (301) 591 (1,601) (709) Total other comprehensive income (563) 393 (301) 591 (1,601) (709) Total comprehensive income attributable to shareholders of the parent (5,633) 29,319 40,945 114,087 55,311 128,453 EARNINGS PER SHARE, NOK Basic earnings per share (0.12) 0.77 1.02 3.03 1.41 3.40 Diluted earnings per share (0.12) 0.77 1.02 3.03 1.41 3.40 AVERAGE OUTSTANDING SHARES, THOUSANDS Basic 40,626 37,596 40,616 37,512 40,269 37,971 Diluted 40,626 37,596 40,616 37,512 40,269 37,971 Q3 2026 INTERIM REPORT – INTERIM FINANCIAL STATEMENTS 17
Page 18
07 – INTERIM FINANCIAL STATEMENTS Condensed consolidated balance sheet 30 September 2026 unaudited. NOK thousands Note As at 30 Sep 2026 Unaudited As at 31 Dec 2025 NON-CURRENT ASSETS Property, plant and equipment 39,842 30,844 Intangible assets 4 108,523 66,005 Right-of-use assets 55,938 54,142 Deferred tax assets 2,722 7,102 Total non-current assets 207,025 158,093 CURRENT ASSETS Inventories 85,388 46,577 Trade receivables 99,401 108,839 Other current assets 69,133 45,372 Financial assets at fair value through profit or loss 5 350,566 438,608 Cash and cash equivalents 6 34,234 60,490 Total current assets 638,723 699,886 Total assets 845,747 857,979 EQUITY Share capital 1,237 1,237 Share premium 109,232 109,232 Treasury shares (18) (19) Share-based payment reserve – – Retained earnings 520,799 477,664 Other reserves 1,125 1,426 Total equity 632,376 589,541 NON-CURRENT LIABILITIES Lease liabilities 54,527 53,465 Deferred tax liabilities 6,135 3,504 Other non-current liabilities 18,912 16,243 Total non-current liabilities 79,573 73,212 CURRENT LIABILITIES Trade payables 22,621 34,098 Other current liabilities 91,837 106,523 Lease liabilities 9,930 8,642 Tax liabilities 7,365 43,874 Provisions 2,046 2,090 Total current liabilities 133,798 195,226 Total liabilities 213,372 268,438 Total equity and liabilities 845,747 857,979 Q3 2026 INTERIM REPORT – INTERIM FINANCIAL STATEMENTS 18
Page 19
07 – INTERIM FINANCIAL STATEMENTS Condensed consolidated statement of equity NOK thousands Share capital Share premium Treasury shares SBP reserve Retained earnings Other reserves Total equity TWELVE-MONTH PERIOD ENDED 31 DECEMBER 2025 Balance at 1 January 2025 794 14,445 (44) – 250,355 2,135 267,685 Profit/(loss) for the period – – – – 129,162 – 129,162 Other comprehensive income/(loss) – – – – – (709) (709) Total comprehensive profit/(loss) – – – – 129,162 (709) 128,453 Transfer between reserves 397 (397) (21) – 21 – – Issue of new shares 45 95,184 – – – – 95,229 Sale of own shares – – 46 – 98,125 – 98,171 Balance at 31 December 2025 1,237 109,232 (19) – 477,664 1,426 589,541 NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (UNAUDITED) Balance at 1 January 2025 794 14,445 (44) – 250,355 2,135 267,685 Profit/(loss) for the period – – – – 113,496 – 113,496 Other comprehensive income/(loss) – – – – – 591 591 Total comprehensive profit/(loss) – – – – 113,496 591 114,087 Transfer between reserves – – – – – – – Issue of new shares – – – – – – – Sale of own shares – – 1 – 2,490 – 2,491 Balance at 30 September 2025 794 14,445 (43) – 366,341 2,726 384,263 NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (UNAUDITED) Balance at 1 January 2026 1,237 109,232 (19) – 477,664 1,426 589,541 Profit/(loss) for the period – – – – 41,246 – 41,246 Other comprehensive income/(loss) – – – – – (301) (301) Total comprehensive profit/(loss) – – – – 41,246 (301) 40,945 Transfer between reserves – – – – – – – Share-based payment charge – – – – – – – Issue of new shares – – – – – – – Sale of own shares – – 1 – 1,889 – 1,890 Balance at 30 September 2026 1,237 109,232 (18) – 520,799 1,125 632,376 SBP reserve: share-based payment reserve. Q3 2026 INTERIM REPORT – INTERIM FINANCIAL STATEMENTS 19
Page 20
07 – INTERIM FINANCIAL STATEMENTS Condensed consolidated cash flow statement Q3 YTD LAST 12 MONTHS ENDED YEAR ENDED 1 Jul – 30 Sep 1 Jan – 30 Sep 30 Sep 2026 31 Dec 2025 Unaudited Unaudited Unaudited NOK thousands Note 2026 2025 2026 2025 2026 2025 CASH FLOW FROM OPERATING ACTIVITIES Profit/(loss) before income tax (5,780) 41,777 55,659 148,442 76,675 169,458 Depreciation and amortisation 12,245 4,797 30,884 12,470 36,821 18,407 Disposal of property, plant and equipment (0) – 28 – 58 29 Net interest income & finance expenses 1,031 812 3,059 2,198 1,749 887 Net fair value gains on money market funds 5 (3,127) (1,894) (11,957) (5,988) (15,967) (9,998) Net fair value (gains)/losses on forward contracts – (1,231) – – – – Share-based payment charge – – – – – – Non-cash items (49) (25) 2,202 291 1,684 (226) Decrease/(increase) in inventories (11,536) (19,777) (41,274) (14,773) (29,373) (2,872) Decrease/(increase) in trade receivables 4,274 152,210 9,718 (21,254) 4,836 (26,137) Decrease/(increase) in other current assets (11,204) 3,171 (22,807) 2,374 (33,105) (7,924) Increase/(decrease) in trade payables 13,543 (20,535) (9,852) 29,384 (18,519) 20,717 Increase/(decrease) in other current liabilities (14,330) (22,976) (11,896) 8,926 (1,773) 19,049 Income taxes paid (2,031) (1,620) (43,894) (18,514) (43,525) (18,145) Total cash flow from operating activities (16,964) 134,708 (40,130) 143,556 (20,440) 163,247 CASH FLOW FROM INVESTMENT ACTIVITIES Purchase of property, plant and equipment (7,811) (3,765) (19,131) (11,238) (31,752) (23,860) Purchase of intangible assets 4 (14,402) (17,447) (55,856) (47,101) (74,992) (66,237) Purchase of money market funds 5 – (40,000) – (60,000) (275,000) (335,000) Proceeds from sale of money market funds 5 – 40,000 100,000 40,000 100,000 40,000 Interests received 63 229 160 762 2,539 3,141 Total cash flow from investment activities (22,150) (20,983) 25,173 (77,577) (279,205) (381,956) CASH FLOW FROM FINANCING ACTIVITIES Repayment of lease liabilities (2,540) (1,511) (6,926) (2,956) (8,918) (4,948) Interests paid (1,095) (1,041) (3,219) (2,960) (4,287) (4,029) Proceeds from issue of shares – – – – 95,229 95,229 Proceeds from sale/(purchase) of treasury shares – – 1,890 2,491 97,569 98,171 Total cash flow from financing activities (3,635) (2,552) (8,255) (3,425) 179,594 184,424 Net change in cash and cash equivalents (42,749) 111,173 (23,212) 62,553 (120,051) (34,285) Cash and cash equivalents at beginning of period 78,183 48,404 60,490 96,825 158,698 96,825 Net foreign exchange differences (1,200) (879) (3,044) (681) (4,413) (2,049) Cash and cash equivalents at end of period 34,234 158,698 34,234 158,698 34,234 60,490 Q3 2026 INTERIM REPORT – INTERIM FINANCIAL STATEMENTS 20
Page 21
07 – NOTES Notes Note 1 General Appear ASA is the parent company of the Appear Group. The Group includes the parent company Appear ASA and its wholly owned subsidiaries Appear US Inc, Appear Ltd, Appear Pte Ltd and Appear Sweden AB. The Group’s head office is located at Lilleakerveien 2b, 0283 OSLO, Norway. Appear ASA is listed on the Oslo Stock Exchange (Norway) under the ticker APR.OL. The condensed interim financial statements comprise the financial statements of the Parent Company and its subsidiaries as of 30 September 2026, approved by the board of directors on 28 October 2026 after the end of trading at the Oslo Stock Exchange. Note 2 Basis of preparation These condensed interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting” as adopted by the European Union (the “EU”) and additional requirements in the Norwegian Securities Trading Act. These condensed interim financial statements do not include all information and disclosures required by IFRS® Accounting Standards (“IFRS”) for a complete set of financial statements. Hence, they should be read in conjunction with the annual financial statements for the year ended 31 December 2025. Note 2 Basis of preparation (continued) These condensed interim financial statements are unaudited. The accounting policies applied by the Group in these condensed interim financial statements are the same as those applied by the Group in its financial statements for the year ended 31 December 2025. In the condensed interim financial statements, the third quarter is defined as the three-month reporting period from 1 July to 30 September and the year-to- date is defined as the nine-month reporting period from 1 January to 30 September. All amounts are presented in NOK thousand (TNOK) unless otherwise stated. Because of rounding differences, numbers or percentages may not add up to the sum totals. The Group as a whole is operated as a single segment referred to as Solutions for live production and broadcast distribution technology. Note 3 Revenue by geography and product group The tables below present the disaggregation of revenue from contracts with customers, based on the major class of products and by geography, for the three-month and nine-month periods ended 30 September 2026 and the basis on which revenue is recognised: Quarter 1 Jul – 30 Sep 2026 NOK thousands Q3 2026 Q3 2025 Δ % % of Q3 26 % of Q3 25 REVENUE BY GEOGRAPHICAL REGION Americas 95,746 80,106 +19.5% 55.8% 43.8% Europe, Middle East & Africa 70,236 99,728 −29.6% 40.9% 54.5% Asia Pacific 5,719 3,231 +77.0% 3.3% 1.8% Total revenue from contracts with customers 171,701 183,064 −6.2% 100.0% 100.0% REVENUE BY PRODUCT GROUP Media processing and delivery platforms 73,526 86,209 −14.7% 42.8% 47.1% Additional sales of software and licenses 65,003 64,390 +1.0% 37.9% 35.2% Support and consulting services 33,172 32,465 +2.2% 19.3% 17.7% Total revenue from contracts with customers 171,701 183,064 −6.2% 100.0% 100.0% TIMING OF RECOGNITION Hardware and software recognised at a point in time 138,529 150,599 −8.0% 80.7% 82.3% Services recognised over an agreed service period 33,172 32,465 +2.2% 19.3% 17.7% Total revenue from contracts with customers 171,701 183,064 −6.2% 100.0% 100.0% Note 3 continues Q3 2026 INTERIM REPORT – NOTES 21
Page 22
07 – NOTES Note 3 continued – Year-to-date 1 Jan – 30 Sep 2026 NOK thousands YTD 2026 YTD 2025 Δ % % of YTD 26 % of YTD 25 REVENUE BY GEOGRAPHICAL REGION Americas 364,341 308,288 +18.2% 61.4% 50.0% Europe, Middle East & Africa 207,138 289,626 −28.5% 34.9% 47.0% Asia Pacific 21,532 18,414 +16.9% 3.6% 3.0% Total revenue from contracts with customers 593,011 616,327 −3.8% 100.0% 100.0% REVENUE BY PRODUCT GROUP Media processing and delivery platforms 287,610 314,104 −8.4% 48.5% 51.0% Additional sales of software and licenses 203,632 228,715 −11.0% 34.3% 37.1% Support and consulting services 101,769 73,508 +38.4% 17.2% 11.9% Total revenue from contracts with customers 593,011 616,327 −3.8% 100.0% 100.0% TIMING OF RECOGNITION Hardware and software recognised at a point in time 491,242 542,819 −9.5% 82.8% 88.1% Services recognised over an agreed service period 101,769 73,508 +38.4% 17.2% 11.9% Total revenue from contracts with customers 593,011 616,327 −3.8% 100.0% 100.0% Note 4 Intangible assets Appear recognised intangible assets arising from internal development expenses of new platforms and technological upgrades with demonstrated technical and commercial feasibility. The internal development is ongoing, and amortisation of the intangible assets commences once the development is completed and the asset is ready for its intended use. The expected commercial lifetime of the projects typically ranges from three to five years. In the three-month period ended 30 September 2026, additions to intangible assets arising from technological development expenditure totalled NOK 14.4 million (NOK 17.4 million), comprising capitalised employee benefit expenses of NOK 12.6 million (NOK 15.2 million), capitalised directly attributable other operating expenses of NOK 1.3 million (NOK 2.2 million) and development expenditure capitalised directly to intangible assets of NOK 0.5 million (nil). In the nine-month period ended 30 September 2026, additions to intangible assets arising from technological development expenditure totalled NOK 55.9 million (NOK 47.1 million), comprising capitalised employee benefit expenses of NOK 48.7 million (NOK 42.0 million), capitalised directly attributable other operating expenses of NOK 5.2 million (NOK 5.0 million) and development expenditure capitalised directly to intangible assets of NOK 2.0 million (NOK 0.1 million). Management applies judgment to conclude whether intangible assets arising from internal development shall be recognised. An intangible asset arising from internal development is recognised from the point when Appear can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use, future economic benefits from use of the intangible assets are probable and Appear has adequate resources to complete the development and to use the asset and the intention to complete and use the asset. Note 5 Financial assets and fair value Financial assets at fair value through profit or loss. Appear holds investments in money market funds classified as financial assets at fair value through profit or loss. These instruments are valued based on quoted prices in active markets for the underlying securities. As such, the investments are categorised within Level 2 of the fair value hierarchy. Unrealised gains and losses on money market funds classified at fair value through profit or loss are included in net finance income and finance expenses. Derivative financial instruments. The fair value of the forward exchange contracts is determined using observable forward rates and discounted cash flow techniques. As such, the financial instruments are categorised within Level 2 of the fair value hierarchy. Unrealised gains and losses on financial instruments are recognised in net finance income and finance expenses. As at 30 September 2026 there was no outstanding forward contract (31 December 2025: nil). Accordingly, there were no unrealised fair value gains or losses. Note 6 Cash and cash equivalents Cash and cash equivalents include restricted cash of NOK 8.3 million relating to deposit accounts (31 December 2025 NOK 14.1 million, including deposit accounts and withheld employee taxes). Q3 2026 INTERIM REPORT – NOTES 22
Page 23
07 – NOTES Note 7 Significant events Lease amendment: The Group signed a lease amendment expanding the Oslo office premises, resulting in an increase in the right-of-use assets and lease liabilities of NOK 9.8 million at an implied borrowing rate of 7.0%. Long-term incentive plan: The Group awarded its first long-term incentive plan with effect from 1 January 2026, with 359,109 equity- settled shares awarded to senior management conditional on vesting conditions. Based on the financial performance for the three-month and nine-month periods ended 30 September 2026 and the revised full year revenue guidance the non-market vesting conditions have not been achieved. Note 8 Events occurring after the reporting period The Board of Directors is not aware of any events that occurred after the reporting date, or any new information regarding existing matters, that can have a material effect on the Q3 2026 report for the company. Note 9 Principal risks and uncertainties At Appear risk management is based on the principle that risk evaluation is an integral part of all business activities and is a part of an annual review. Appear has not identified any further significant risk exposures beyond the ones described in the 2025 Annual Report, with the exception of the following uncertainties for the remaining three months of 2026. Fourth-quarter revenue: Demand for broadcast and media infrastructure investment was lower than anticipated in the first nine months, and event-driven investment is expected to remain subdued through the remainder of 2026 ahead of the 2027 to 2029 rights renewal wave. Reaching the lower end of the full-year guidance range requires fourth-quarter revenue of more than NOK 287 million, while the upper end would require approximately NOK 327 million. Given current visibility, full-year revenue is more likely to be towards the lower end of the guidance range. Achieving this remains dependent on closing a small number of large opportunities and meeting December delivery commitments. Revenue has been concentrated in the Americas and a limited number of strategic accounts, and measures to strengthen commercial coverage in continental Europe will take time to take effect. Delays in customer decisions or deliveries could move revenue into 2027. Currency and tariffs: Further NOK appreciation, particularly against the USD, or changes in U.S. tariff policy could adversely affect revenue and gross margin. The Group had no outstanding forward exchange contracts at 30 September 2026. Liquidity: Available liquidity of NOK 384.8 million and no interest- bearing debt at 30 September 2026 provide capacity to absorb a shortfall or delay in credit collection. Q3 2026 INTERIM REPORT – NOTES 23
Page 24
08 – APPENDIX Alternative performance measures Appear uses the following APMs to provide additional insight into underlying operational performance. Financial information in the table below, for the three-month and nine-month periods ended 30 September 2026 and the comparative 30 September 2025, is extracted from periods that are unaudited. Alternative performance measures are presented to supplement IFRS financial information and are unaudited. Q3 YTD LAST 12 MONTHS ENDED YEAR ENDED 1 Jul – 30 Sep 1 Jan – 30 Sep 30 Sep 2026 31 Dec 2025 Unaudited Unaudited Unaudited NOK thousands 2026 2025 2026 2025 2026 2025 GROSS EARNINGS AND GROSS MARGIN Revenue from contracts with customers 171,701 183,064 593,011 616,327 777,626 800,943 Raw materials and consumables used (51,424) (47,906) (177,517) (171,793) (227,394) (221,670) Gross earnings 120,277 135,158 415,493 444,534 550,232 579,273 Gross margin 70.1% 73.8% 70.1% 72.1% 70.8% 72.3% UNDERLYING OPERATING PROFIT AND UNDERLYING OPERATING MARGIN Operating profit/(loss) 8 45,151 58,812 156,962 72,569 170,719 Cost expensed in relation to the IPO – 2,913 – 7,296 10,537 17,833 Underlying operating profit/(loss) 8 48,064 58,812 164,258 83,107 188,553 Underlying operating margin 0.0% 26.3% 9.9% 26.7% 10.7% 23.5% EBITDA Profit/(loss) for the period (5,070) 28,926 41,246 113,496 56,912 129,162 Net finance income and finance expenses 5,789 3,374 3,153 8,520 (4,106) 1,261 Income tax expense (710) 12,851 14,413 34,946 19,764 40,296 Depreciation and amortisation 12,245 4,797 30,884 12,470 36,821 18,407 EBITDA 12,253 49,948 89,696 169,432 109,390 189,127 EBITDA margin 7.1% 27.3% 15.1% 27.5% 14.1% 23.6% EBITDAC EBITDA 12,253 49,948 89,696 169,432 109,390 189,127 Development expenses capitalised (13,923) (17,393) (53,864) (47,047) (71,544) (64,727) EBITDAC (1,670) 32,554 35,832 122,385 37,847 124,400 EBITDAC margin −1.0% 17.8% 6.0% 19.9% 4.9% 15.5% Q3 2026 INTERIM REPORT – APPENDIX – APMS 24
Page 25
08 – APPENDIX Q3 YTD LAST 12 MONTHS ENDED YEAR ENDED 1 Jul – 30 Sep 1 Jan – 30 Sep 30 Sep 2026 31 Dec 2025 Unaudited Unaudited Unaudited NOK thousands 2026 2025 2026 2025 2026 2025 UNDERLYING EBITDA EBITDA 12,253 49,948 89,696 169,432 109,390 189,127 Cost expensed in relation to the IPO – 2,913 – 7,296 10,537 17,833 Underlying EBITDA 12,253 52,861 89,696 176,728 119,928 206,960 Underlying EBITDA margin 7.1% 28.9% 15.1% 28.7% 15.4% 25.8% UNDERLYING EBITDAC Underlying EBITDA 12,253 52,861 89,696 176,728 119,928 206,960 Development expenses capitalised (13,923) (17,393) (53,864) (47,047) (71,544) (64,727) Underlying EBITDAC (1,670) 35,467 35,832 129,681 48,384 142,233 Underlying EBITDAC margin −1.0% 19.4% 6.0% 21.0% 6.2% 17.8% FREE CASH FLOW Total cash flow from operating activities (16,964) 134,708 (40,130) 143,556 (20,440) 163,247 Purchase of property, plant and equipment (7,811) (3,765) (19,131) (11,238) (31,752) (23,860) Purchase of intangible assets (14,402) (17,447) (55,856) (47,101) (74,992) (66,237) Repayment of lease liabilities (2,540) (1,511) (6,926) (2,956) (8,918) (4,948) Interest paid on lease liabilities (1,218) (1,038) (3,210) (2,941) (4,267) (3,998) Free cash flow (42,935) 110,946 (125,253) 79,319 (140,368) 64,204 Return on capital employed LAST 12 MONTHS ENDED YEAR ENDED 30 Sep 2026 31 Dec 2025 Unaudited NOK thousands 2026 2025 Operating profit/(loss) 72,569 170,719 Adjusted for Interest income 3,424 3,141 Net fair value gains/(losses) on money market funds 15,967 9,998 Operating profit/(loss) derived for ROCE 91,960 183,858 Total assets 845,747 857,979 Total liabilities (213,372) (268,438) Add back: borrowings – – Add back: lease liabilities 64,456 62,106 Capital employed at the end of the period 696,832 651,647 Capital employed at the beginning of the period 448,302 320,755 Average capital employed derived for ROCE 572,567 486,201 Return on capital employed 16.1% 37.8% Q3 2026 INTERIM REPORT – APPENDIX – APMS 25
Page 26
08 – APPENDIX Definitions Gross earnings and gross margin The gross earnings and gross margin show the development from revenue from contracts with customers to the gross earnings and gross margin achieved by the Group by deducting the directly attributable operating expenditure incurred for raw materials and consumables. Gross margin is calculated as Gross earnings as a percentage of revenue from contracts with customers. The Group focuses on the trends in gross earnings and margins, and these measures also show the margin achieved for covering the Group’s operating expenses. Underlying operating profit and underlying operating margin Underlying operating profit and underlying operating margin are measures which seek to reflect the performance of the Group that monitor value creation and will contribute to long-term sustainable profitable growth. As such, they exclude the impact of items that are considered exceptional. Underlying operating margin is calculated as underlying operating profit as a percentage of total revenue. EBITDA and EBITDA margin EBITDA is defined as the Group’s profit or loss before interest, taxation, depreciation and amortisation charges. The Company considers EBITDA to be a useful measure of the operating performance. EBITDA is not a direct measure of the liquidity, which is shown by the statement of cashflows. EBITDA margin is calculated as EBITDA as a percentage of total revenue. Underlying EBITDA and underlying EBITDA margin exclude the impact of items that are considered exceptional. Underlying EBITDA margin is calculated as underlying EBITDA as a percentage of total revenue. EBITDAC and EBITDAC margin EBITDAC is defined as the Group’s profit or loss before interest, taxation, depreciation and amortisation charges and further adjusted for the capitalisation of development expenditure. The Group considers EBITDAC to be a useful measure as it demonstrates the earnings generated by the Group without the influence of fluctuations depending on the level of development expenditure capitalised because of the Group’s investment in development activities. EBITDAC is not a direct measure of the liquidity, which is shown by the statement of cashflows. EBITDAC margin is calculated as EBITDAC as a percentage of total revenue. Underlying EBITDAC and underlying EBITDAC margin exclude the impact of items that are considered exceptional. Underlying EBITDAC margin is calculated as underlying EBITDAC as a percentage of total revenue. Regions Definition of the regions used for disaggregation of revenue: Americas – North and South America; EMEA – Europe, the Middle East and Africa; APAC – Asia and Pacific. Exceptional and other items Underlying operating profit, EBITDA and EBITDAC are adjusted for exceptional and other items which are material or non-recurring in nature, these include costs expensed in relation to the IPO. Available liquidity Comprises cash and cash equivalents and investments held in financial assets at fair value through profit or loss (money market funds). Management considers the money market funds as part of its available liquidity, whilst technically not cash and cash equivalents the money market funds are highly liquid investments and can be easily converted into cash equivalents. Working capital Current assets excluding cash and cash equivalents and financial assets at fair value through profit or loss, less trade payable and other current liabilities. The Company has no interest-bearing liabilities, with the exception of lease liabilities. Changes in working capital in the cash flow statement also includes adjustments for changes in non-current operating assets and liabilities. Investments Investments include purchase of intangible and tangible assets, and purchase of financial assets at fair value through profit or loss (money market funds). The investments in money market funds form part of the Group’s liquidity management strategy, aiming to optimise returns on excess cash while maintaining high liquidity and low risk. Free cash flow (FCF) Free cash flow represents the cash that the Group is able to generate after spending the money required to maintain and expand its activities and is one of the Group’s Key Performance Indicators by which our financial performance is measured. Free cash flow is defined as the aggregate of cash generated by operations, adjusted for the purchase of property, plant and equipment, purchase of intangible assets (including capitalised development cost) and includes the repayment of lease liabilities (comprising both capital repayment and interest payments) as these are considered operational payments for the Group offices. Total cash flow Change in cash and cash equivalents during the period, excluding exchange differences in cash and cash equivalents. Equity/asset ratio Total shareholders’ equity divided by total assets, as a percentage. Return on capital employed (ROCE) ROCE serves as the Group’s central key performance indicator for measuring returns on capital employed, promoting disciplined asset utilisation and the achievement of operating returns in excess of the cost of capital. ROCE is calculated by dividing the last twelve months operating profit/(loss), adjusted for interest received and the fair value gains/(losses) on money market funds, by average capital employed. Capital employed is calculated by adding total assets, less total liabilities, excluding the Group’s interest-bearing borrowings and lease liabilities. The Group has no interest-bearing liabilities, with the exception of lease liabilities. Q3 2026 INTERIM REPORT – APPENDIX – DEFINITIONS 26
Page 27
08 – SHAREHOLDER INFORMATION Financial INVESTOR RELATIONS investorrelations@appear.net Appear ASA – Lilleakerveien 2B, 0283 Lysaker, Oslo, Norway appear.net Q3 2026 INTERIM REPORT – SHAREHOLDER INFORMATION 27 calendarcalendar 29 Oct 2026 Q3 2026 Report PUBLISHED 7 Dec 2026 Capital Markets Day NEXT RSVP: invitations@abgsc.no – Please contact margot.ouali@appear.net or invitations@abgsc.no if you have any questions regarding the event. 16 Feb 2027 Q4 2026 Report 10 Mar 2027 Annual Report