Appear Asa · OSL:APR
Appear Asa — Q3 2026 Earnings Presentation
21 slides from Appear Asa's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 presentation
Q3 2026 presentation 29 October 2026 Oslo Stock Exchange — APR
Slide 2: Q3 2026 highlights
HI GHLIGHTS Q3 2026 highlights R E V E NU E GROSS MA RGIN U ND ER L YI NG EB I T D A C F R E E C A S H F L OW 171.7 NOK million 70.1% (1.7) NOK million (42.9) NOK million Q3 2025: NOK 183.1 million Q3 2025: 73.8% Q3 2025: NOK 35.5 million Q3 2025: NOK 110.9 million Reported ▼ −6.2% ▼ −3.8pp YoY ▼ −1
Slide 3: Year-to-date 2026 highlights
HI GHLIGHTS Year-to-date 2026 highlights R E V E NU E GROSS MA RGIN U ND ER L YI NG EB I T D A C F R E E C A S H F L OW 593.0 NOK million 70.1% 35.8 NOK million (125.3) NOK million YTD 2025: NOK 616.3 million YTD 2025: 72.1% YTD 2025: NOK 129.7 million YTD 2025: NOK 79.3 million Reported ▼ −3.8% ▼ −
Slide 4: Appear’s updates
Appear’s updates
Slide 5: Live production demand follows the rights cycle
S T R UC T U R A L M A R K ET S H I FT S D R I V I N G I NF R A S T R U C T U R E C H A NG ES Live production demand follows the rights cycle An event-driven industry: spending concentrates around rights cycles and tournaments Quarterly by region, Q1 2026 – Q4 2027 (index, 2025 = 100) — procurement
Slide 6: Where we have sales coverage, we grow
A P P EA R ’ S UP D A TE S Where we have sales coverage, we grow A weak cyclical year, offset in North America by strong products and a strong commercial team AME RIC AS E ME A W H A T W E A R E C H A NG I NG Direct sales coverage +19.5% −29.6% Senior in-market hires and sharper territory Revenue Re
Slide 7: Sample of Q3 deployments
A P P EA R ’ S UP D A TE S · C US T OM E R S T OR I ES Sample of Q3 deployments X20 X20 X5 + X20 X5 Chile’s first large- FIFA World Cup, all Live racing from DP World Tour golf scale 4K World Cup 104 matches remote racecourses Chilevisión, ClaroVTR & Vivaro, Americas Thoroughbred Racing IMG with Cin
Slide 8: Strong industry engagement and recognition
A P P EA R ’ S UP D A TE S – I B C 2 0 2 6 Strong industry engagement and recognition 240 336 5 31% Customer and partner Different companies Industry awards Share of IBC-related meetings met through the show coverage 1 A WA RD S MXL Best Video Processing Best Sports Broadcast Best of Show, Security
Slide 9: Q3 2026 in depth
Q3 2026 in depth
Slide 10: Long-term growth intact, last 12 months broadly flat
Q 3 2 0 2 6 I N D EP T H Long-term growth intact, last 12 months broadly flat Revenue rolling 4 quarters Revenue quarterly NOK million +28% 727 769 801 870 789 778 Revenue CAGR, LTM Q1 2022 – LTM Q3 2026 649 594 606 550 450 418 362 381 322 314 L A S T 1 2 M O NT H S 278 288 −6.2% 260 271 Revenue bro
Slide 11: Q3 2026 – Americas offset half of the EMEA decline
Q 3 2 0 2 6 I N D EP T H Q3 2026 – Americas offset half of the EMEA decline BY G EO G R A PH Y - N OK M I L L I ON A ND Y O Y C H A N G E Q3 Americas 95.7 70.2 Europe, Middle East & Africa 5.8 +19.5% −29.6% Asia Pacific 55.8% 40.9% 3.3% YTD 364.3 207.1 21.6 +18.2% −28.5% C O M M EN T A R Y 61.4% 34.
Slide 12: Q3 2026 – Services share continues to grow
Q 3 2 0 2 6 I N D EP T H Q3 2026 – Services share continues to grow BY PR OD UC T G R OU P - N OK M I L L I ON A ND Y O Y C H A N G E Q3 Media processing and delivery platforms 73.5 65.0 33.2 Software and licenses −14.7% +1.0% +2.2% Support and consulting services 42.8% 37.9% 19.3% YTD 287.6 203.6 1
Slide 13: Q3 & YTD financials
Q3 & YTD financials
Slide 14: Q3 2026 impacted by currency and increased personnel costs
Q 3 & Y T D FI NA N C I A L S Q3 2026 impacted by currency and increased personnel costs NOK million Q3 2026 Q3 2025 Revenue Underlying EBITDAC1 Revenue Raw materials 171.7 (51.4) 183.1 (47.9) 171.7 NOK million (1.7) NOK million Q3 2025: NOK 183.1 million Q3 2025: NOK 35.5 million Gross earnings 120
Slide 15: YTD 2026 impacted by weaker execution outside the Americas and increased headcount
Q 3 & Y T D FI NA N C I A L S YTD 2026 impacted by weaker execution outside the Americas and increased headcount NOK million YTD 2026 YTD 2025 Revenue Underlying EBITDAC1 Revenue Raw materials 593.0 (177.5) 616.3 (171.8) 593.0 NOK million 35.8 NOK million YTD 2025: NOK 616.3 million YTD 2025: NOK 12
Slide 16: Cash position impacted by inventory build, tax payments & investment in capitalised development
Q 3 & Y T D FI NA N C I A L S Cash position impacted by inventory build, tax payments & investment in capitalised development Cash flow development, NOK million YTD 2026 YTD 2025 Free cash flow, YTD 2026 Cash at 1 January 60.5 96.8 (125.3) NOK million EBITDA 89.7 169.4 YTD 2025: NOK 79.3 million Tax
Slide 17: Liquidity remains solid; working capital up on inventory
Q 3 & Y T D FI NA N C I A L S Liquidity remains solid; working capital up on inventory Available liquidity, NOK million Money market funds Cash Working capital, NOK million % of sales 20% 18% 11% 11% 15% 499 5% 6% 8% 9% 8% 8% 476 426 146 140 385 318 118 93 232 230 238 205 206 60 59 60 146 50 47 27 3
Slide 18: Guidance & Capital Markets Day
Guidance & Capital Markets Day
Slide 19: 2026 revenue guidance unchanged, likely towards the lower end
O UT L O OK 2026 revenue guidance unchanged, likely towards the lower end F UL L - Y EA R 2 0 2 6 R EV EN U E MEDIUM- TO LONG-TERM 880–920 Revenue growth Recurring revenue share Gross margin EBITDAC margin NOK million ~25-30% 15-25% ~70% 17-20% Growth of approximately 10–15% year-on-year p.a. of tot
Slide 20: Capital Markets Day – 7 December
O UT L O OK Capital Markets Day Strategic framework, target markets, and growth through the industry’s investment cycles Updated long-term strategic framework The markets we are targeting 7 December Growth through the industry’s investment cycles 2026 Financial targets 20
Slide 21: Live Q&A
() appear Live Q&A