Appear (APR) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached NOK 800.9 million, up 32.3% year-over-year, with Q4 revenue at NOK 184.6 million, driven by EMEA and APAC growth and sports rights renewals.

• Underlying EBITDAC for 2025 was NOK 142.2 million (17.8% margin), and Q4 underlying EBITDAC was NOK 12.6 million (6.8% margin), both excluding IPO-related costs.

• Gross margin held steady at 72.3% for the year and 73% for Q4, with product mix offsetting U.S. tariff impacts.

• Free cash flow for 2025 was NOK 64.2 million, up 8% year-over-year, though Q4 saw a NOK 14.4 million outflow due to IPO costs and capital investments.

• Successful IPO in Q4 2025 raised NOK 190.9 million in net proceeds, strengthening liquidity.

Financial highlights

• Q4 gross profit was NOK 135 million (73% margin); Q4 EBIT was NOK 13.8 million; Q4 net profit was NOK 15.7 million, up 50.9% YoY.

• Full-year EBIT was NOK 171 million (21.3% margin); net profit for the year was NOK 129 million, up from NOK 70 million.

• Total operating expenses (including capitalized development) were NOK 455 million, up nearly 30% YoY, reflecting growth investments and IPO-related one-offs.

• Available liquidity at year-end was NOK 499.1 million, including cash and money market funds.

• EPS for 2025 was NOK 3.40, up from NOK 1.86.

Outlook and guidance

• 2026 revenue guidance is NOK 1 billion, a 25% increase, with medium- to long-term growth targets of 25%-30%.

• Recurring revenue share targeted at 15%-25%, expected to grow with more software-based solutions.

• Gross margin guidance is around 70%; EBITDAC margin expected between 17%-20%.

• Continued investment in product development and organizational capacity is planned.