Oslo, 12 February 2026, Appear ASA (Appear, OSE:APR), a global leader in live production technology, powering Tier 1 sports production and events globally, today announces revenues of NOK 184.6 million in the fourth quarter of 2025, representing a growth of 20.8% from the same period last year, bringing the full-year revenues to the guidance of NOK 800 million. The underlying EBITDAC* ended at NOK 12.6 million (8.5) and EBIT at NOK 13.8 million (3.3) in the quarter. Appear targets revenues of approximately NOK 1.0 billion in 2026.
“Q4 closed a strong year for Appear where we leveraged on major global sports events and leagues, renewed Tier 1 sports rights in the U.S. and EMEA, and a growing base of long-term service and support agreements. The solid quarter brought our full-year revenue growth to our 2025 guidance of NOK 800 million,” says Thomas Bostrøm Jørgensen, CEO of Appear.
Appear reported an EBIT of NOK 13.8 million (3.3) in the quarter, while the earnings per share was NOK 0.37 (0.28). The free cashflow ended at minus NOK 14.4 million (-6,4). The EBITDAC ended at NOK 2.0 million (7.1), including IPO costs of NOK 10.5 million related to the listing on Euronext Oslo Børs in the fourth quarter.
“Following the successful completion of our initial public offering, Appear welcomed several thousand new shareholders following the IPO, including a strong base of institutional investors. The listing marks the beginning of an exciting new chapter, one that gives us the platform to accelerate growth, expand into new markets, and continue redefining what’s possible in live production technology,” Bostrøm Jørgensen says, and continues:
“As the consumer demand for premium live sport is rising and production scales globally, live production becomes larger, more complex, and more cost-sensitive at the same time. More games, more venues, more feeds are delivered across Tier 1 broadcasters, streamers and the leagues themselves. This is accelerating the shift toward remote production, IP connectivity, and hybrid cloud workflows. Appear is built for this reality.”
For 2026, Appear guides for full-year revenue of approximately NOK 1.0 billion, implying year-on year growth of 25% compared to 2025. The guidance reflects continued strong demand for Appear’s core product portfolio, supported by expanding commercial reach and increasing levels of recurring revenue. Growth in 2026 is expected to be driven by sustained momentum in North America and EMEA, increased contribution from new products including X5 and VX, and further expansion of support and professional services revenues, while maintaining a high gross margin profile.
“As we move into 2026, the outlook remains strong. Global sports events, expanding formats, and rising production complexity continue to drive investment across the live sports ecosystem, and Appear sits right at the center of it,” Appear CEO concludes.
The quarterly report is available live here. The pdf version and presentation are enclosed. All materials are available here.
*Note that EBITDAC and Underlying EBITDAC are alternative performance measures. EBITDAC is calculated by adding capitalised development expenditure to EBITDA, reflecting operating performance, and Underlying EBITDAC excludes the impact of items that are considered exceptional, here IPO costs. EBITDAC and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the fourth quarter 2025 financial report.
Thomas Bostrøm Jørgensen, CEO, and CFO Per Øyvind Stene will host a webcast presentation at 08:00 CET. The presentation will be held in English and questions can be submitted throughout the event.
Watch the webcast live here.
Investors and financial analysts are invited to ask questions live by using the raise-hand-feature in Microsoft Teams, details as follow:
Join the Teams call here.
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ENDS
For further information, please contact:
IR and media contact – Jo Christian Lund-Steigedal, Corporate Communications AS
+47 415 08 733 | jcs@corpcom.no
About Appear ASA
Headquartered in Oslo, Norway, Appear designs and delivers high-capacity, sustainable solutions for media processing and live content delivery. The Company’s technology enables the capture, transport, and processing of live video from sports stadiums, concert arenas, and other venues to the viewers within milliseconds, ensuring superior video quality and reliability. Appear serves broadcasters, production companies, content owners and network operators worldwide who rely on its live production technology to deliver the world’s most demanding live productions.