Appear (APR) investor relations material

Executive summary

• Q1 2026 revenue reached NOK 231.7 million, up 42.6% year-over-year, driven by strong growth in the Americas and solid EMEA and APAC performance, marking the second highest quarterly result on record.

• Gross margin declined to 70.1% (down 2.7 percentage points year-over-year) due to product mix, FX impacts, and U.S. tariffs.

• EBITDAC was NOK 25.9 million (11.2% margin), down from 15.4% last year, reflecting lower gross margin and higher operating costs.

• Free cash flow was negative NOK 28 million, mainly due to higher working capital, with available liquidity at NOK 475.6 million.

• Major commercial wins included significant contracts with broadcasters and sports leagues, especially in the Americas.

Financial highlights

• Revenue for Q1 2026 was NOK 231.7 million, up 42.6% year-over-year; Americas up 54%, EMEA up 25%, APAC up 46%.

• Gross earnings were NOK 162.5 million, with a gross margin of 70.1%.

• Operating expenses increased to NOK 137 million, reflecting higher headcount and investment in growth.

• EBIT was NOK 36.4 million (15.7% margin); net profit was NOK 28.2 million.

• Free cash flow was negative NOK 28 million, compared to NOK 6.9 million inflow in Q1 2025.

Outlook and guidance

• Full-year 2026 revenue target reiterated at approximately NOK 1 billion, with long-term targets of 25%-30% annual revenue growth, recurring revenue share of 15%-30%, gross margin around 70%, and EBITDAC margin between 17%-20%.

• Management reaffirmed full-year guidance and expects gross margin to recover as product mix normalizes.

• X5 and VX platforms to contribute modestly in 2026 but are key for long-term growth.

• Asia Pacific seen as a growth catalyst for late 2026 and 2027.

• Continued expansion with global broadcasters and sports leagues expected; strong pipeline for major live events.