Appear Asa · OSL:APR
Appear Asa — Q3 2025 Earnings Presentation
20 slides from Appear Asa's earnings presentation, Nov 25, 2025
Slide 1: Q3 2025 presentation
Q3 2025 presentation 25 November 2025
Slide 2: Agenda
Agenda 1. Highlights 2. The Appear growth story 3. Q3 2025 in depth 4. Financials 5. Q&A
Slide 3: Q3 2025 highlights
Q3 2025 highlights Operational Key financials • Continued strong momentum across all regions • Growth driven by expanding partnerships with Tier 1 broadcasters and sports Revenues EBITDAC organisations, long-term support agreements and increased X Platform adoption • Preparing for VX launch in Q4, b
Slide 4: YTD 2025 highlights
YTD 2025 highlights Operational Key financials • Americas expanding through new and existing Tier 1 customers, EMEA scaling through European Football and increased growth in APAC Revenues EBITDAC • New customers and increased sales to existing Tier 1 customers are the main contributors to revenue gr
Slide 5: The Appear growth story
( appear The Appear growth story
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 Global footprint Headquarter Offices Customer geo Founded 2004 2151 By former Tandberg # of employees at end of Television employees Q3 2025 Oslo, Norway Stockholm5, Sweden (EU) Southampton, UK NOK 769 million 16.8%
Slide 7: 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 USDbn Acquisition Processing Consumption1 Capture & Transport Content Production Distribution to viewers 1.1 3.3% 4.6% 2.7% 4.6% -3.3% -1.8% ’20-25 CAGR ’25-30 CAGR ’20-25 CAGR ’25-30 CAGR ’2
Slide 8: Global live production trends are driving demand for Appear's solutions
Global live production trends are driving demand for Appear’s solutions Value of content media Higher production Operational efficiency rights value … increasing value of live content driving … driving more camera feeds and greater … driving operational efficiency through willingness to pay investme
Slide 9: >20 years of history, with recent expansion into the Acquisition segment accelerating growth
>20 years of history, with recent expansion into the Acquisition segment accelerating growth Revenue, NOKm 2021–2022 - Commercial pivot Geographi Nordic and Expansion to cal focus Europ e the US and U K 2016- 2018 - Technical pivot Go-to- Local resellers Direct sales 769 market and channel from regi
Slide 10: Q3 2025 in depth
© appear Q3. 2025 in depth
Slide 11: Consistent, strong growth trend
Consistent, strong growth trend Rolling 4 quarters revenue, NOKm Commentary 769 • 34% revenue CAGR from 2021 to Q3 727 2025 and quarterly YoY growth over last 10 quarters since Q2 2023 649 594 606 • Q3 2025 third highest quarter in +34% CAGR 550 revenues +30% 450 271 • X Platform drives the growth a
Slide 12: Continued strong growth across geographies
Continued strong growth across geographies % of Revenue by Product Type Revenue by region, NOKm Commentary Americas • Higher share of revenues generated from 135 support contracts and software combined Support 10 8 11 16 12 18 108 102 lifts gross margin 21 93 78 80 • Americas grew 2% YoY in Q3 2025
Slide 13: Continued strong growth and solid margins in Q3
Continued strong growth and solid margins in Q3 Revenue and EBITDAC by quarter Commentary • Product mix contributes to stronger gross margin in Q3 2025 271 vs. Q2-25 and at par with the same period previous year, despite negative impact of tariffs 193 183 153 163 141 • Controlled growth in investmen
Slide 14: Financials
(© appear Financials
Slide 15: Solid financial performance whilst striving toward the IPO
Solid financial performance whilst striving toward the IPO Q3 2025 – Financial Performance Q3 2024 Commentary Revenue from contracts • Revenue for Q3 reached NOK 183.1 (140.8) million, 183 141 with customers revenue growth 30.0% from Q3 last year. This quarter’s Raw materials & growth was underpinne
Slide 16: Strong financial performance whilst investing in development & building a scalable organisation
Strong financial performance whilst investing in development & building a scalable, efficient, and customer-focused organisation Sep 2025 YTD – Financial Performance Sep 24 YTD Commentary Revenue from contracts • Revenue NOK 616.3 (452.8) million, revenue growth 616 453 with customers 36.1%. Revenue
Slide 17: Net cash increased following strong cash flow from operations
Net cash increased following strong cash flow from operations Q3 2025 cash flow development Commentary • Strong cash flow from operating activities primarily as a result of Cash & cash equivalents 30 June 2025 48 EBITDA and working capital inflow demonstrating strong cash conversion of the high sale
Slide 18: Cash generated from operations providing opportunities to reinvest into long-term growth plan
Cash generated from operations providing opportunities to reinvest into our long-term strategic growth plan and invest into developing new products Available liquidity, NOKm Working Capital, NOKm Cash and cash equivalents Money market funds 318 Working Capital as a % of sales Working capital 20% 232
Slide 19: Selected financial targets
Selected financial targets 2025E NOK ~800m Revenue Medium to long-term ~25-30% p.a. ~15-25% ~70% ~17–20% Revenue growth Recurring revenue Gross margin EBITDAC margin share
Slide 20: Financial calendar Investor relations contact
Financial calendar Investor relations contact Q4 report 2025 All IR enquiries investorrelations@appear.net February 12, 2026 Annual report IR and media contact March 17, 2026 Jo Christian Lund-Steigedal, Corporate Communications AS +47 415 08 733 | jcs@corpcom.no Q1 report 2026 April 29, 2026