Appear (APR) Q2 2026 TU earnings summary

Financial performance and guidance revision

• Q2 2026 revenue was NOK 189.6 million, down from NOK 271 million in Q2 last year, with H1 2026 revenue at NOK 421.3 million versus NOK 433.3 million last year.

• Revenue shortfall is mainly due to weaker commercial execution outside the Americas and timing of contracts now expected in H2.

• Full-year 2026 revenue guidance has been revised down from NOK 1 billion to NOK 880–920 million.

• About two-thirds of the Q2 revenue drop is attributed to contract slippage into H2, with the remainder due to lost opportunities.

• Currency effects negatively impacted EBITDAC by around NOK 16 million compared to last year.

Regional performance and commercial execution

• Americas/US market performed solidly, while EMEA and APAC regions underperformed due to weaker commercial execution.

• Most missed contracts in EMEA and APAC are delayed to Q3, though some have been lost entirely.

• Efforts are underway to strengthen commercial execution and increase market share in underperforming regions.

• The company is implementing operational and organizational changes to improve pipeline conversion and regional capabilities.

• No significant change in competitive landscape or technology position was observed.

Cost management and margin outlook

• Cost ramp-up was aligned with previous higher guidance; cost controls are now being implemented to protect profitability.

• Gross margin expectations remain unchanged, but overall margin percentages may be lower due to reduced revenue.

• Price increases of over 20% on certain items have been accepted by customers, with no immediate impact on OpEx.

• Medium- to long-term targets remain: 25–30% annual revenue growth, ~70% gross margin, 17–20% EBITDAC margin.