Appear ASA: Results for the fourth quarter and full year 2025

12 Feb 2026 07:00 CET

Oslo, 12 February 2026, Appear ASA (Appear, OSE:APR), a global leader in live
production technology, powering Tier 1 sports production and events globally,
today announces revenues of NOK 184.6 million in the fourth quarter of 2025,
representing a growth of 20.8% from the same period last year, bringing the
full-year revenues to the guidance of NOK 800 million. The underlying EBITDAC*
ended at NOK 12.6 million (8.5) and EBIT at NOK 13.8 million (3.3) in the
quarter. Appear targets revenues of approximately NOK 1.0 billion in 2026.

"Q4 closed a strong year for Appear where we leveraged on major global sports
events and leagues, renewed Tier 1 sports rights in the U.S. and EMEA, and a
growing base of long-term service and support agreements. The solid quarter
brought our full-year revenue growth to our 2025 guidance of NOK 800 million,"
says Thomas Bostrøm Jørgensen, CEO of Appear.

Appear reported an EBIT of NOK 13.8 million (3.3) in the quarter, while the
earnings per share was NOK 0.37 (0.28). The free cashflow ended at minus NOK
14.4 million (-6,4). The EBITDAC ended at NOK 2.0 million (7.1), including IPO
costs of NOK 10.5 million related to the listing on Euronext Oslo Børs in the
fourth quarter.

"Following the successful completion of our initial public offering, Appear
welcomed several thousand new shareholders following the IPO, including a
strong base of institutional investors. The listing marks the beginning of an
exciting new chapter, one that gives us the platform to accelerate growth,
expand into new markets, and continue redefining what's possible in live
production technology," Bostrøm Jørgensen says, and continues:

"As the consumer demand for premium live sport is rising and production scales
globally, live production becomes larger, more complex, and more
cost-sensitive at the same time. More games, more venues, more feeds are
delivered across Tier 1 broadcasters, streamers and the leagues themselves.
This is accelerating the shift toward remote production, IP connectivity, and
hybrid cloud workflows. Appear is built for this reality."

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

"As we move into 2026, the outlook remains strong. Global sports events,
expanding formats, and rising production complexity continue to drive
investment across the live sports ecosystem, and Appear sits right at the
center of it," Appear CEO concludes.

The quarterly report is available live here
(https://appear.wrep.it/q4-2025-interim-report). The pdf version and
presentation are enclosed. All materials are available here
(https://www.appear.net/investors/reports-and-presentations/).

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

Thomas Bostrøm Jørgensen, CEO, and CFO Per Øyvind Stene will host a webcast
presentation at 08:00 CET. The presentation will be held in English and
questions can be submitted throughout the event.

Watch the webcast live here (https://qcnl.tv/p/V4XUBOspGRHBBIYr4GNF9g).

Investors and financial analysts are invited to ask questions live by using
the raise-hand-feature in Microsoft Teams, details as follow:

Join the Teams call here
(https://teams.microsoft.com/meet/33975067106180?p=8UN0Cx5JDSK0SssC8m).

Details below:

(https://nor01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fteams.microso
ft.com%2Fmeet%2F33975067106180%3Fp%3D8UN0Cx5JDSK0SssC8m&data=05%7C02%7Cmargot.ou
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7C%7C&sdata=OvaJdoNhNCd7sZjsFiFJ9ZWhX2P%2BIL92CUrQxfc%2BtCE%3D&reserved=0)
Meeting ID: 339 750 671 061 80
Passcode: 55Du693G

ENDS

For further information, please contact:
IR and media contact - Jo Christian Lund-Steigedal, Corporate Communications
AS
+47 415 08 733 | jcs@corpcom.no

About Appear ASA
Headquartered in Oslo, Norway, Appear designs and delivers high-capacity,
sustainable solutions for media processing and live content delivery. The
Company's technology enables the capture, transport, and processing of live
video from sports stadiums, concert arenas, and other venues to the viewers
within milliseconds, ensuring superior video quality and reliability. Appear
serves broadcasters, production companies, content owners and network
operators worldwide who rely on its live production technology to deliver the
world's most demanding live productions.

More information:
Access the news on Oslo Bors NewsWeb site

665513_Q4 2025 Interim Report.pdf
665513_Q4 2025 Presentation.pdf