Appear ASA: Results for the third quarter of 2026

Underlying EBITDAC¹ amounted to negative NOK 1.7 million, corresponding to a margin of -1.0%, while EBIT was NOK 0.0 million, delivering an EBIT margin of 0.0%.

For the first nine months of 2026, revenue was NOK 593.0 million, compared with NOK 616.3 million in the prior-year period, a decline of 3.8% (a growth of 3.1% year-on-year, excluding currency effects of approximately NOK 42.4 million).

The shortfall this quarter was about sales coverage, not demand. Our installed base kept converting, existing customers extended and expanded with us through the quarter, but we lacked commercial capacity above all in continental Europe. We’re strengthening regional coverage and tightening commercial execution through senior in-market hires, sharper territory focus and an expanded partner channel. At the same time, our product position strengthened: VX reached general availability and its first commercial deployment went live, X5 gained JPEG XS support ahead of the next Olympic cycle, and the X Platform was recognised four times at IBC 2026. These developments reinforce our confidence in the long-term opportunity ahead of us,” says Thomas Bostrøm Jørgensen, CEO of Appear.

The Americas remained Appear’s largest market, generating revenue of NOK 95.7 million in the quarter and accounting for 55.8% of total revenue. Revenue in the region grew 19.5% year-on-year, with the quarter’s largest wins tied to the X20 Platform, including deployments at a major sports league that displaced incumbent infrastructure.

While EMEA revenue declined 29.6% year-on-year, concentrated in continental Europe, X5 opened a new engagement route in the region: global sports marketing agency IMG, through UK broadcast partner Cingularity, became the first customer to deploy X5 internationally, for flyaway contribution to DP World Tour golf coverage.

For 2026, Appear reaffirms its revenue guidance in the range of NOK 880–920 million, representing growth of approximately 10–15% year-on-year. Reaching the lower end of the full-year guidance range requires fourth-quarter revenue of more than NOK 287 million. Given current visibility, full-year revenue is more likely to be towards the lower end of the guidance range.

“Achieving this remains dependent on closing a small number of large opportunities and meeting December delivery commitments. On 7 December we will host Appear’s first Capital Markets Day, where we will set out our strategic framework and how we think about growth through the industry’s investment cycles,” concludes Thomas Bostrøm Jørgensen.

The quarterly report and the presentation are enclosed. All material is available at: https://www.appear.net/investors/reports-and-presentations/

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. Access the live stream here: https://qcnl.tv/p/r9HyMd-QxFHaip3gTC0cxg

Investors and financial analysts who would like to ask questions live are invited to ask questions are invited to by joining join the Q&A via Teams on the following link: https://teams.microsoft.com/meet/330521846954915?p=DkNaaoODyBh3xIIo5o 
Meeting ID: 330 521 846 954 915 
Passcode: AK7QN7nM 

Note¹: EBITDAC and Underlying EBITDAC are alternative performance measures. EBITDAC is calculated by deducting 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 first quarter 2026 financial report.

ENDS 

 
For further information, please contact: 
IR and media contact Jo Christian Lund-Steigedal, Corporate Communications 
AS, +47 415 08 733 | jcs@corpcom.no and 
 
CFO - Per Øyvind Stene, Appear, +47 979 54 008 |investorrelations@appear.net