Appear (APR) investor relations material

Executive summary

• Q3 revenue was NOK 171.7m, down 6.2% YoY but up 0.1% excluding FX; underlying EBITDAC was -NOK 1.7m.

• FY26 revenue guidance remains NOK 880–920m, with current visibility pointing toward the lower end and execution dependent on large unsigned deals.

Financial highlights

• Q3 gross margin was 70.1%, down 3.8 percentage points YoY; FX-adjusted gross margin was 71.8%.

• Q3 operating profit was -NOK 5.8m and net loss was NOK 5.1m, versus prior-year operating profit of NOK 41.8m and net profit of NOK 28.9m.

• Q3 employee benefits expense was NOK 68.7m versus NOK 51.5m; restructuring costs were NOK 6.5m.

• YTD revenue was NOK 593.0m, down 3.8% reported but up 3.1% excluding NOK 42.4m of FX headwind; net profit was NOK 41.2m versus NOK 113.5m.

• YTD operating profit was NOK 58.8m versus NOK 157.0m; restructuring costs totaled NOK 9.1m.

Outlook and guidance

• FY26 revenue guidance remains NOK 880–920m, implying 10%–15% YoY growth; current visibility points toward the lower end.

• The lower end requires Q4 revenue above NOK 287m, while the upper end requires ~NOK 327m; delivery depends on a small number of large opportunities and December shipments.

• Customer or delivery delays could shift revenue into 2027; Americas is expected to continue growing YoY, while expanded EMEA and APAC coverage will take time to contribute.

• Medium- to long-term targets include 15%–25% annual revenue growth, recurring revenue share of ~25%–30%, ~70% gross margin and 17%–20% EBITDAC margin.