Slide 1: Q2 2026 presentation
Q2 2026 presentation 14 August 2026
Slide 2: Q2 2026 highlights
Q2 2026 highlights REVENUE GROSS MARGIN UNDERLYING EBITDAC FREE CASH FLOW 189.6 MNOK 70.0 % 11.6 MNOK −54.3 MNOK ▼ −30.0% YoY ▼ −0.6 pp YoY ▼ 6.1% margin (25.6% LY) ▼ −15.8 MNOK YoY Shortfall driven by weaker short-term Stable margins compared to prior Margin compressed from 25.6% to Negatively affe
Slide 3: H1 2026 highlights
H1 2026 highlights REVENUE GROSS MARGIN UNDERLYING EBITDAC FREE CASH FLOW 421.3 MNOK 70.1 % 37.5 MNOK −82.3 MNOK ▼ −2.8% YoY ▼ −1.3 pp YoY ▼ 8.9% margin (21.7% LY) ▼ −31.6 MNOK YoY Shortfall in the first half was driven by Margins held despite headwinds Margin compressed from 21.7% to Negatively aff
Slide 4: Appear’s updates
© appear Appear’s updates
Slide 5: Appear was at the heart of the most-watched sporting event in the world
FIFA World Cup 2026 Appear was at the heart of the most-watched sporting event in the world Zero room for error 104 4,680 39M >5B matches Camera feeds viewers for the final Global viewers only for FOX
Slide 6: The Q2 shortfall in two parts: market timing and coverage
The Q2 shortfall in two parts: market timing and coverage One reverses with the calendar, the other is ours to fix, and we are addressing it MARKET TIMING — The wave COVERAGE — Our mix Why demand contracted Why we felt all of it • The air pocket between build waves (H2’26 – H1’27), against the • Rev
Slide 7: Rights value and rights timing drive technology investment
Rights value and rights timing drive technology investment Value sets the level of spend, rights and technology cycles set its timing Rights value vs procurement timing (index, 2025 = 100) $67B 12–24 Rights spend 2026, the leading Months procurement runs indicator (+9.6% YoY) ahead of airdate WC26 +
Slide 8: Expanding route to market: channel coverage in EMEA and APAC
Expanding route to market: channel coverage in EMEA and APAC The direct playbook stays, certified partners extend it to markets that buy indirect DIRECT — proven since 2021 CHANNEL — expanding coverage Strategic accounts: global broadcasters, leagues and rights holders — NA, Enterprise and SME: nati
Slide 9: Expanding revenue: the engine, the accounts & the software pivot
Expanding revenue: the engine, the accounts & the software pivot Wider reach, wider portfolio, and the software layer on top Expand route to market 1 3 THE SOFTWARE LAYER - Live production on VX, through both routes Channel partners open APAC and parts of EMEA: Sell deeper into accounts we won 2 WID
Slide 10: Q2 2026 in-depth
Q?2 2026 in-depth © appear
Slide 11: Q2 2026 - Commercial execution fell short of expectations
Q2 2026 - Commercial execution fell short of expectations Rolling 4 quarters revenue, NOKm Commentary 870 • Revenue of NOK 190 million, compared to our 801 789 strongest quarter of revenue of NOK 271 769 727 million recorded in Q2 2025 impacted our +32% CAGR Rolling last 4 quarters revenue. 649 594
Slide 12: Q2 2026 – Revenue below expectations, shortfall concentrated in EMEA
Q2 2026 – Revenue below our expectations, with the revenue shortfall concentrated in EMEA % of Revenue by Product Type Revenue by region, NOKm Commentary Americas • Higher share of revenues generated from 10 8 support services and software licenses, further 11 12 13 16 18 -10 strengthened with secur
Slide 13: Q2 & H1 financials
Q?2 & H1 financials © appear
Slide 14: Q2 2026 impacted by weaker short-term commercial execution
Q2 2026 impacted by weaker short-term commercial execution Q2 2026 – Financial Performance Q2 2025 Commentary Revenue from contracts • Revenue for the second quarter was NOK 189.6 (270.8) million, 190 271 with customers representing revenue decline of 30.0% YoY from our strongest Raw materials & qua
Slide 15: H1 2026 was impacted by weak second quarter and increased headcount
H1 2026 was impacted by weak second quarter and increased headcount H1 2026 – Financial Performance H1 2025 Commentary Revenue from contracts • Revenue for the half year of NOK 421.3 (433.3) million, 421 433 with customers representing revenue decline of 2.8% YoY from H1 2025, Raw materials & advers
Slide 16: Cash position impacted by securing important components, settled annual bonus and tax instalment
Cash position impacted by securing important components, settled annual bonus and tax instalment H1 2026 cash flow development Commentary Cash balance at • Free cash flow1 was negative NOK 54.3 million in Q2 2026 and negative 60 NOK 82.3 million in H1 2026. This reflects specific items related to th
Slide 17: Available liquidity remains solid, working capital increased for purchase of long-lead components
Available liquidity remains solid, working capital increased for purchase of long-lead components Available liquidity, NOKm Working Capital, NOKm Cash and cash equivalents Money market funds 499 Working Capital as a % of sales Working capital 476 60 62 426 20% 78 318 15% 232 230 238 11% 159 146 11%
Slide 18: Selected financial targets
Selected financial targets Near-term guidance revised down. Medium- to long-term targets unchanged. NEAR-TERM MEDIUM- TO LONG-TERM Revenue Revenue growth Recurring revenue Gross margin EBITDAC margin share ~880-920 MNOK ~25-30% 15-25% ~70% 17-20% Revenue growth p.a. of total ~10-15% Scale through or
Slide 19: Capital Markets Day
Capital Markets Day Market data, customer insight, and our path to broader coverage. Registration: invitations@abgsc.no Revenue expansion engine Market and segment data Customer insight from key accounts Growing existing accounts 29 October 2026 10:00–14:00 CET, ABG Sundal Collier, Oslo In person an
Slide 20: Live Q&A
Live Q&A ‘) appear