Slide 1: Q1 2026 presentation
Q1 2026 presentation 29 April 2026
Slide 2: Q1 2026 highlights
Q1 2026 highlights REVENUE GROSS MARGIN UNDERLYING EBITDAC FREE CASH FLOW 231.7 MNOK 70.1 % 25.9 MNOK −28.0 MNOK ▲ +42.6% YoY ▼ −2.7 pp YoY ▼ 11.2% margin (15.4% LY) ▼ −34.9 MNOK YoY Strong momentum in the Americas Decreased versus prior year, Margin compressed from 15.4% to Negatively affected by h
Slide 3: Appear's updates
Appear’s updates appear
Slide 4: Market trends
Market trends Structural market shifts driving investments Acquisition Processing Capture & transport Cont ent product ion SDI Hardware Hybrid Satellite IP-based IP infrastructure (legacy) only workflows Cost pressure and flexibility drive SRT ST 2110 / IPMX replaces baseband Cloud-ready workflows u
Slide 5: Q1 proof points: land-and-expand in action
Q1 proof points: land-and-expand in action From initial deployment to strategic partnership AMERICAS Sports league: 30-stadium IP transition MNOK 37 Wins at infrastructure-decision level: includes long-term support AMERICAS U.S. sports broadcaster: multi-event Tier 1 extension MNOK 19 First live acq
Slide 6: Expanding addressable market with new product launches and service offering
Expanding addressable market with new product launches and service offering X PLATFORM X5 Core growth engine Tier 2 events expansion 100Gbps + JPEG 2000/XS gateway Golf tour win — ~40 events/yr AU DI ENC E: GLOB AL ST R AT EG IC C US T OMER S – AU DI ENC E: STRATE GI C A CC OU NT S – LOWE R & L A RG
Slide 7: FIFA World Cup 2026
FIFA World Cup 2026 Appear is at the Commercial 01 heart of the most-watched sporting event in the world 150MNOK in orders already booked across Americas and EMEA over the last 12months. Positioned as a foundational investment THE SCALE for today’s workflows and future infrastructure deployment. 48
Slide 8: Q1 2026 in-depth
QI 2026 in-depth © appear
Slide 9: Q1 2026 - Consistent, strong growth trend in revenue
Q1 2026 - Consistent, strong growth trend in revenue Rolling 4 quarters revenue, NOKm Commentary • Strong revenue growth delivered for +43% the first quarter with our second 870 highest quarter and a 43% increase +33% CAGR 801 YoY 769 727 • Rolling last 4 quarters revenue to 31 649 March 2026 up 34%
Slide 10: Q1 2026 - Continued growth across geographies
Q1 2026 - Continued growth across geographies % of Revenue by Product Type Revenue by region, NOKm Commentary Americas • Higher share of revenues generated from support services and software licenses +50 Support 10 11 8 (+54%) 12 13 16 18 19 144 • Americas increased 54% YoY in Q1 2026, 21 135 delive
Slide 11: Q1 financials
© appear /Q1 financials
Slide 12: Q1 2026 was our third highest quarterly revenue on record with consistent margins
Q1 2026 was our third highest quarterly revenue on record with consistent margins Q1 2026 – Financial Performance Q1 2025 Commentary Revenue from contracts 232 163 • Appear made a strong start to the year with revenue for with customers the first quarter of NOK 231.7 (162.5) million, representing Ra
Slide 13: 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 Q1 2026 cash flow development Commentary Cash balance at • Cash outflow for the quarter was NOK 28.3 (6.2) million, before NOK 60 30.0 (purchase: 20) million drawdown of money market funds 31 December 20
Slide 14: Available liquidity remains solid, working capital correlated with strong sales
Available liquidity remains solid, working capital correlated with strong sales Available liquidity, NOKm Working Capital, NOKm 499 Working Capital as a % of sales Working capital 476 60 62 20% 318 232 230 238 11% 159 146 11% 205 206 439 413 9% 83 100 97 48 8% 8% 146 8% 93 115 6% 57 5% 60 59 60 50 4
Slide 15: Selected financial targets
Selected financial targets Ambition anchored by a 2026 revenue target, with a disciplined medium- to long-term margin and growth profile 2026E MEDIUM TO LONG TERM ~NOK 1bn Revenue growth Recurring revenue Gross margin EBITDAC margin share ~25-30% 15-25% ~70% 17-20% Revenue p.a. of total Top-line tar
Slide 16: Risks and opportunities
Risks and opportunities SUPPLY CHAIN TARIFFS AI ONG OI NG LI VE EMER GI NG Ensuring supply continuity and operational Structural fix in place: impact contained, AI expands the market for what we build stability margin protected Mitigation Mitigation Mitigation • Strategic manufacturing partnership w
Slide 17: Live Q&A
Live Q&A ‘) appear