Slide 1: Full year & Q4 2025 presentation
Full year & Q4 2025 presentation 12 February 2026
Slide 2: Agenda
Agenda 1. Highlights 2. The Appear growth story 3. Q4 2025 in depth 4. 2025 success stories 5. Q4 & 2025 financials 6. Live Q&A
Slide 3: Q4 2025 highlights
Q4 2025 highlights Revenues Underlying EBITDAC Growth driven by strong activity in Underlying EBITDAC increased to NOK 184.6 MNOK EMEA and APAC supported by sports rights renewals, upgrades, and expanding live production 12.6 12.6 million, with margin expanding to 6.8%. Reported EBITDAC was impacted
Slide 4: YTD 2025 highlights
YTD 2025 highlights Revenues Underlying EBITDAC Underlying profitability and returns Strong growth delivered in line with improved significantly, with underlying guidance, driven by broad based 800.9 MNOK regional expansion and continued expansion within Tier 1 live sports and 142.2 EBITDAC of NOK 1
Slide 5: The Appear growth story
The Appear growth story appear
Slide 6: Appear is one of the market leaders in live production technology
Appear is one of the market leaders in live production technology Appear at a glance in 2025 Global footprint 270 Active customers 2251 #ofofQ4employees 2025 at end Headquarter Offices Customer geo Product launches Oslo, Norway Stockholm5, 2 Sweden (EU) Southampton, UK 9 Awards Los Angeles, USA Sing
Slide 7: A Global Leader in Live Production Technology
A Global Leader in Live Production Technology The Live Production Value Chain Acquisition Processing Consumption Capture & transport Content production Distribution to viewers Serving a tier 1 customer base + many more 8
Slide 8: The global live broadcasting market is expected to exceed USD 5.5bn in 2025
The global live broadcasting market is expected to exceed USD 5.5bn in 2025 Total addressable market in 2025 Acquisition Processing Consumption1 USDbn Capture & Transport Content Production Distribution to viewers 3.3% 4.6% 2.7% 4.6% -3.3% -1.8% ’20-25 CAGR ’25-30 CAGR ’20-25 CAGR ’25-30 CAGR ’20-25
Slide 9: Strong, sustained consumer demand continues to support long-term growth in sports rights
Strong, sustained consumer demand continues to support long-term growth in the value of top-tier sports rights Global value of sports media rights USDbn 67 2023: Top 15 accounted for USD 40bn, equal to 63 63 70+% of the global total 56 57 54 55 12.4bn 4.2bn 3.4bn 2.1bn 1.6bn 1.2bn 41 1.0bn 1.0bn 0.9
Slide 10: The fight for subscribers trigger investments in production value and operational efficiencies
The fight for subscribers trigger investments in production value and operational efficiencies Triggers from seasonal Leagues and federations1 Additional triggers Q1 Q2 Q3 Q4 2026 • Annual global events • Biennial/quadrennial global events • Media rights renewals Non-US domestic rights • Regulatory
Slide 11: Q4 2025 in-depth
Q4 2025 in-depth © appear
Slide 12: Q4 2025 - Consistent, strong growth trend in revenue
Q4 2025 - Consistent, strong growth trend in revenue Rolling 4 quarters revenue, NOKm Commentary • Strong growth delivered in line with guidance, with FY2025 revenue up +21% 32.3% YoY to NOK 800.9 million; +33% CAGR 801 X Platform continues to drive the 769 727 growth and expansion of our footprint
Slide 13: Q4 2025 - Continued growth across geographies
Q4 2025 - Continued growth across geographies % of Revenue by Product Type Revenue by region, NOKm Commentary Americas • Higher share of revenues generated from -11 support services and software licenses Support 10 11 8 12 (-10%) 16 18 19 21 • Americas decreased 10% YoY in Q4 2025, 135 reflecting th
Slide 14: Q4 2025 – Third highest quarter with consistent gross margin
Q4 2025 – Third highest quarter with consistent gross margin Revenue and Underlying EBITDAC by quarter Commentary • Q4 2025 third highest quarter in revenues, increased 20.8% 271 year on year 193 183 185 • Underlying EBITDAC at NOK 12.6 million excludes NOK 10.5 153 163 141 million of IPO related on
Slide 15: Where did growth come from in 2025?
Where did growth come from in 2025 ? Customer concentration New vs. existing customers New vs. existing products Share of rev. from top X customers in respective year Share of rev. from new customers Share of rev. from new products 801 New 801 New 62 28 Existing (8%) Existing (4%) Other 28% 30% 31%
Slide 16: Strategic growth drivers supporting value creation
Strategic growth drivers supporting value creation Continue strong growth Launch of the X5 Launch of the Virtual X Direct sales and support Strategic acquisitions of based on market- Platform to expand into Platform to expand into to Europe, Latam and solution components leading X Platform and long
Slide 17: 2025 success stories
© appear 2025 success stories
Slide 18: NBC Sports
At the heart of Milano Cortina Winter Olympics production NBC Sports Remote production from 8 different venues for Winter Olympic Games and Paralympics with +6000 people involved High level of complexity: 48 cameras per event in extreme outdoor conditions (terrains, temperature, weather) Video compr
Slide 19: Powering LaLiga's Next Era of Live Football
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 Upg
Slide 20: Q4 & 2025 financials
Q4 & 2025 financials © appear
Slide 21: Q4 was our third highest quarterly revenue on record with consistent margins
Q4 was our third highest quarterly revenue on record with consistent margins Q4 2025 – Financial Performance Q4 2024 Commentary Revenue from contracts 185 153 • Q4 closed a strong year for Appear. Revenue for the with customers quarter was NOK 184.6 (152.9) million, representing Raw materials & reve
Slide 22: Strong financial performance, 32% growth in revenue, in line with guidance
Strong financial performance, 32% growth in revenue, in line with guidance Full Year 2025 – Financial Performance FY 24 Commentary Revenue from contracts • Revenue NOK 800.9 (605.6) million, revenue growth up 801 606 with customers 32.3% year-on-year and in line with guidance Raw materials & 222 (16
Slide 23: Net cash increased following strong cash flow from operations
Net cash increased following strong cash flow from operations Q4 2025 cash flow development Commentary Cash balance at • Cash flow for the quarter boosted by the IPO Proceeds with excess 159 funds transferred to the money market funds. 30 September 2025 EBITDA 20 • Cash flow from investment activiti
Slide 24: Available liquidity further enhanced following capital raise
Available liquidity further enhanced following capital raise Available liquidity, NOKm Working Capital, NOKm 499 Working Capital as a % of sales Working capital 60 20% 318 232 230 238 11% 159 146 205 206 439 9% 83 100 97 48 8% 8% 146 8% 115 6% 57 5% 60 59 60 50 47 155 158 160 35 132 134 27 89 90 Q1
Slide 25: Selected financial targets
Selected financial targets 2026E NOK ~1Bn Revenue Medium to long-term ~25-30% p.a. ~15-25% ~70% ~17–20% Revenue growth Recurring revenue Gross margin EBITDAC margin share
Slide 26: Live Q&A
Live Q&A ‘) appear
Slide 27: Financial calendar Investor relations contact
Financial calendar Investor relations contact Annual report All IR enquiries March 17, 2026 investorrelations@appear.net Q1 report 2026 IR and media contact April 29, 2026 Jo Christian Lund-Steigedal, Corporate Communications AS +47 415 08 733 | jcs@corpcom.no