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"value": "1.1. Corporate Information
The consolidated financial statements of Appear ASA, for the year ended 31 December 2025 (with comparable financial statements for the year ended 31 December 2024), were authorized for issue in accordance with a resolution of the board of directors on 17 March 2026 after the end of trading at the Oslo Stock Exchange. These financial statements are to be approved at the annual general meeting held on 12 May 2026.
Appear ASA (the \u201cCompany\u201d) is the parent company in the Appear Group (referred to as \u201cAppear\u201d or \u201cAppear Group\u201d), whose subsidiaries include Appear Ltd (UK), Appear U.S. Inc. (United States), Appear Pte. Ltd. (Singapore) and Appear Sweden AB (Sweden).
Appear ASA is the main operating entity of the Appear Group and is a Norwegian company providing high-capacity, sustainable solutions for live-production and broadcast distribution technology to media, entertainment and sports clients.
The registered office of Appear ASA is Lilleakerveien 2B in Oslo, Norway. The company was founded on 4 June 2004 and registered on 9 June 2004. In an extraordinary general meeting held on 6 October 2025, the Company was resolved converted from a private limited liability company to a public limited liability company. The conversion to Appear ASA was entered into on 9 October 2025.
1.2. Basis for preparation
These annual consolidated financial statements have been prepared in accordance with the IFRS\u00ae Accounting Standards as adopted by the European Union (EU) and additional requirements in the Norwegian Securities Trading Act. The financial statements are presented in NOK and all amounts are rounded to the nearest thousand, unless stated otherwise.
General accounting policies are summarized in section 1. Other accounting policies specific to the Company are disclosed in the detailed notes.
These consolidated financial statements have been prepared based on the going concern assumption. When preparing financial statements, Management has made an assessment of the Group\u2019s ability to continue as a going concern. There are no material uncertainties related to events or conditions that may cast significant doubt upon the Group\u2019s ability to continue as a going concern.
1.3. New standards and interpretations not yet adopted by the Group
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group.
These include IFRS\u202f18 Presentation and Disclosure in Financial Statements, which is effective for annual reporting periods beginning on or after 1 January 2027. IFRS\u202f18 replaces IAS\u202f1 and introduces new requirements for the structure and content of the primary financial statements. These will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements.
Management is currently assessing the detailed implications of applying the new standard on the group\u2019s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:
- Although the adoption of IFRS 18 will have no impact on the group\u2019s net profit, the group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. From the high-level impact assessment that the group has performed, the following items might potentially impact operating profit.
- Foreign exchange differences currently aggregated in the line item \u2018Net finance income and finance expenses \u2019 in the income statement might need to be disaggregated.
- IFRS 18 has specific requirements on the category in which derivative gains or losses are recognised \u2013 which is the same category as the income and expenses affected by the risk that the derivative is used to manage. Although the group currently recognises gains or losses in \u2018Net finance income and finance expenses \u2019 , there might be a change to where these gains or losses are recognised, and the group is currently evaluating the need for change.
- The line items presented on the primary financial statements might change as a result of the application of the concept of \u2018useful structured summary\u2019 and the enhanced principles on aggregation and disaggregation. In addition, since goodwill will be required to be separately presented in the statement of financial position, the group will disaggregate goodwill and other intangible assets and present them separately in the statement of financial position
- The group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for:
- management-defined performance measures
- a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss \u2013 this break-down is only required for certain nature expenses; and
- for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1.
- From a cash flow statement perspective, the Group does not expect any changes on the presentation of interest received and interest paid, with interest received already presented as investing cash flows, and interest paid already presented as financing cash flows, accordingly there is no change to our operating cash flows.
The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.
1.3. New standards and interpretations not yet adopted by the Group
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group.
These include IFRS\u202f18 Presentation and Disclosure in Financial Statements, which is effective for annual reporting periods beginning on or after 1 January 2027. IFRS\u202f18 replaces IAS\u202f1 and introduces new requirements for the structure and content of the primary financial statements. These will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements.
Management is currently assessing the detailed implications of applying the new standard on the group\u2019s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:
- Although the adoption of IFRS 18 will have no impact on the group\u2019s net profit, the group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. From the high-level impact assessment that the group has performed, the following items might potentially impact operating profit.
- Foreign exchange differences currently aggregated in the line item \u2018Net finance income and finance expenses \u2019 in the income statement might need to be disaggregated.
- IFRS 18 has specific requirements on the category in which derivative gains or losses are recognised \u2013 which is the same category as the income and expenses affected by the risk that the derivative is used to manage. Although the group currently recognises gains or losses in \u2018Net finance income and finance expenses \u2019 , there might be a change to where these gains or losses are recognised, and the group is currently evaluating the need for change.
- The line items presented on the primary financial statements might change as a result of the application of the concept of \u2018useful structured summary\u2019 and the enhanced principles on aggregation and disaggregation. In addition, since goodwill will be required to be separately presented in the statement of financial position, the group will disaggregate goodwill and other intangible assets and present them separately in the statement of financial position
- The group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for:
- management-defined performance measures
- a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss \u2013 this break-down is only required for certain nature expenses; and
- for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1.
- From a cash flow statement perspective, the Group does not expect any changes on the presentation of interest received and interest paid, with interest received already presented as investing cash flows, and interest paid already presented as financing cash flows, accordingly there is no change to our operating cash flows.
The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.
1.4. Critical accounting judgements, including estimates
The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of accounting judgments, including estimates. It requires the management to exercise its judgement in the process of applying the Group\u2019s accounting policies and it requires management to make estimates relevant to the financial statements. Changes may have a significant impact on the financial statements in the period the assumptions change. Management believes the underlying assumptions are appropriate.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different when, and to the extent that, the uncertainty is resolved.
Revenue recognition
Even though the recognition of revenue, including allocation of revenue to performance obligations in the contracts with customers, is subject to a certain degree of judgment (additional information is provided in note 3) the Group has not identified any accounting judgements, including estimates, that may have a significant impact on the financial statements for the next financial period.
Capitalised development costs
Management applies judgment to conclude whether intangible assets arising from internal development shall be recognised. An intangible asset arising from internal development is recognised from the point when Appear can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use, future economic benefits from use of the intangible assets are probable and Appear has adequate resources to complete the development and to use the asset and the intention to complete and use the asset. Additional information is provided in note 10.
1.6. Group structure
Appear ASA is the parent of the Appear Group. Appear ASA\u2019s purpose and business consists of owning shares in its subsidiaries and providing solutions for live production and broadcast distribution technology.
The Appear Group is comprised of the following subsidiaries:
| | | | Direct and indirect ownership interest by the Group % |
|---|
Reporting Segment /
Company | Place of business,
Country of Incorporation | Principal Activity | Direct
owner | 2025 | 2024 |
|---|
| Solutions for live production and broadcast distribution technology. |
|---|
| Appear Ltd | Southampton, \nUnited Kingdom | Import and sale of Appear products and customer support activities | Appear ASA | 100% | 100% |
|---|
| Appear US Inc | California, \nUnited States | Import and sale of Appear products and customer support activities | Appear ASA | 100% | 100% |
|---|
| Appear Pte Ltd | Singapore,\nSingapore | Import and sale of Appear products and customer support activities | Appear ASA | 100% | - |
|---|
| Appear Sweden AB | Stockholm,\nSweden | Technological development of Appear products | Appear ASA | 100% | - |
|---|
1.6. Group structure
Appear ASA is the parent of the Appear Group. Appear ASA\u2019s purpose and business consists of owning shares in its subsidiaries and providing solutions for live production and broadcast distribution technology.
The Appear Group is comprised of the following subsidiaries:
| | | | Direct and indirect ownership interest by the Group % |
|---|
Reporting Segment /
Company | Place of business,
Country of Incorporation | Principal Activity | Direct
owner | 2025 | 2024 |
|---|
| Solutions for live production and broadcast distribution technology. |
|---|
| Appear Ltd | Southampton, \nUnited Kingdom | Import and sale of Appear products and customer support activities | Appear ASA | 100% | 100% |
|---|
| Appear US Inc | California, \nUnited States | Import and sale of Appear products and customer support activities | Appear ASA | 100% | 100% |
|---|
| Appear Pte Ltd | Singapore,\nSingapore | Import and sale of Appear products and customer support activities | Appear ASA | 100% | - |
|---|
| Appear Sweden AB | Stockholm,\nSweden | Technological development of Appear products | Appear ASA | 100% | - |
|---|
Note 2. Segment information
2.1 Description of segments and principal activities
Operating segments are components of the Group regularly reviewed by the chief operating decision maker (\u201cCODM\u201d), to assess performance and allocate resources. The CODM in Appear is the board of directors. The Group as a whole is operated as a single segment referred to as Solutions for live production and broadcast distribution technology.
Refer to note 3.2 for a disaggregation of revenue based on the major class of products and by geography.
Geographical Information
The Group has three main geographic focus areas for Sales:
- Europe, Middle East and Africa (EMEA), with a focus on the Nordics, United Kingdom, Ireland, Germany, France, Italy, Spain, Switzerland, The Netherlands, Belgium and United Arab Emirates.
- Americas (AM) with a focus on United States of America, Canada, Mexico and Argentina.
- Asia Pacific (APAC), with a focus on Singapore, Australia and New Zealand, as well as other parts of Asia.
| | 2025 | 2024 |
|---|
| Countries accounting for > 10% of total revenues | Notes | NOK '000 | NOK '000 |
|---|
| United States | | 351,195 | 277,992 |
|---|
| United Kingdom | | 200,700 | 121,123 |
|---|
| Total revenue from major counties | | 551,895 | 399,115 |
|---|
The following table presents the amount of revenues from customers for the Group to customers in Norway compared to customers outside of Norway:
| | 2025 | 2024 |
|---|
| Revenue from customer in Norway | Notes | NOK '000 | NOK '000 |
|---|
| Revenue from customer in Norway | | 25,432 | 10,636 |
|---|
| Revenue from customers outside of Norway | | 775,511 | 594,972 |
|---|
| Total revenue from contracts with customers | | 800,943 | 605,608 |
|---|
Information about major customers
Detailed below is the amount of revenue from contracts with external customers arising from sales to the group\u2019s largest customer which contributed more than 10 per cent of total revenues in the Group. No other single customer contributed 10 per cent or more to the group\u2019s revenue.
| | 2025 | 2024 |
|---|
Revenue from contracts with external customers
contributing > 10% of revenue | Notes | NOK '000 | NOK '000 |
|---|
| Customer D | | 95,716 | 46,821 |
|---|
| Customer A | | 86,171 | 61,885 |
|---|
Revenue from contracts with external customers
contributing > 10% of revenue | | 181,887 | 108,706 |
|---|
| No of largest customers contributing > 10% of revenue | | 2.00 | 1.00 |
|---|
2.1 Description of segments and principal activities
Operating segments are components of the Group regularly reviewed by the chief operating decision maker (\u201cCODM\u201d), to assess performance and allocate resources. The CODM in Appear is the board of directors. The Group as a whole is operated as a single segment referred to as Solutions for live production and broadcast distribution technology.
Refer to note 3.2 for a disaggregation of revenue based on the major class of products and by geography.
Note 3. Revenue from contract with customers
3.1. Ordinary activities of the Group
Appear generates its revenue from the sale of high-capacity solutions for media processing and content delivery (media processing and delivery platforms), including premium live event contribution, remote production and distribution.
Appear recognises revenue from the following major sources:
\u2022\tSales of its media processing and delivery platforms
\u2022\tAdditional sales of software and licenses
\u2022\tSales of support and consulting services
The Group disaggregates its revenue based on class of product / service and by geography.
Revenue is reported at the value of what has been received or will be received, and corresponds to the amounts received for goods and services sold after deductions for discounts and VAT.
Transaction price may consist of variable elements such as discounts, performance related price and contract penalties. Transaction price, including variable considerations, is estimated at the commencement of the contract (and periodically thereafter). Judgment is used in the estimation process based on historical experience with the type of business and customer.
Revenue is allocated according to each product\u2019s and service's stand-alone selling price. In the customer contracts each product and service are either negotiated separately or sold as a package. When negotiated separately, stand-alone selling prices are derived based on prices for the media processing and delivery platform and services as stated in the contract with the customer. When sold as a package, stand-alone selling prices for product and service is derived from Appear price lists.
Sales of media processing and delivery platforms
Appear offers and delivers media processing and delivery platforms, such as the X and XC platforms, directly to broadcasters and media operators. The media processing and delivery platforms integrate hardware and perpetual software to enable scalable and flexible operations.
- Our X platform is a high-capacity, ultra-dense, low-latency modular media processing and gateway hardware platform. Designed for live contribution, production, and distribution, it delivers unparalleled scalability, IP security, and advanced compression, ensuring maximum efficiency and performance for broadcasters and media operators
- Our XC platform is a flexible, modular head-end solution for IPTV and broadcast distribution, offering advanced media compression, stream processing, and robust scrambling) supports distribution across cable, satellite, terrestrial networks, and hospitality applications.
The perpetual software license is linked to the platform in a way that the customer cannot benefit from the license over a period longer than the useful life of the platform, and there are no attached services for maintenance of the software, unless a separate service-level agreement is entered into.
The sale of the media processing and delivery platforms is recognised when control of the media processing and delivery platform has transferred, being at the point of time when the customer has gained control of the media processing and delivery platform. Control is normally considered to be transferred upon delivery, when risk and financial benefits have been transferred to the customer. The customer is invoiced upon delivery of the media processing and delivery platform at standard payment terms of 30 days. Raw materials and components used in the media processing and delivery are expensed upon delivery to the customer.
Additional sales of software & licenses
In addition to the initial sale of the media processing and delivery platform, the customer can purchase additional perpetual software which upgrades or enhances the media processing and delivery platform for which the customer can derive separate benefits. The additional software represents a separate performance obligation. The additional sales of software and licenses enhancing the media processing and delivery platform are recognised when control of the software and licenses has transferred, being at the point of time when the customer has gained control of the software or license.
Sales of support and consulting services
Appear provides customers with support and consulting services for the media processing and delivery platform, through service-level agreements that provides the customer with services in the form of technical support services, software upgrades and compatibility updates. Technical support services include diagnostic support, hardware repair service beyond warranty period and other telephonic and occasional on-site support. Revenue from support and consulting services is recognised when the services are performed, linearly over the term of the agreed service period, as the customer can use the service at any time during the contract period. The length of the agreed service period varies and typically range from 1 to 3 years. The customer is typically invoiced for the service period in advance at standard payment terms of 30 days. Costs from performing the services mainly consist of personnel and other operating expenses and are incurred and expensed over time.
3.2. Revenue disaggregation
The table below shows the disaggregation of revenue from contracts with customers for the financial year and the basis on which revenue is recognised:
| 2025 | 2024 |
|---|
| NOK '000 | NOK '000 |
|---|
| Revenue by product group |
|---|
| Sales of media processing and delivery platforms | 391,297 | 333,779 |
|---|
| Additional sales of software and licenses | 300,381 | 182,749 |
|---|
| Sales of support and consulting services | 109,265 | 89,080 |
|---|
| Total revenue from contracts with customers | 800,943 | 605,608 |
|---|
| Revenue by geographical region |
|---|
| AM | 399,560 | 336,573 |
|---|
| EMEA | 373,406 | 257,102 |
|---|
| APAC | 27,976 | 11,933 |
|---|
| Total revenue from contracts with customers | 800,943 | 605,608 |
|---|
| Timing of recognition |
|---|
| Hardware and software recognised at a point in time | 691,678 | 516,528 |
|---|
| Services recognised over an agreed service period | 109,265 | 89,080 |
|---|
| Total revenue from contracts with customers | 800,943 | 605,608 |
|---|
3.3. Contract liabilities
Contract liabilities in the Group mainly relate to amounts paid for performance obligations that are completely or partially unsatisfied at the end of each reporting period. Contract liabilities primarily relate to the Group\u00b4s service level agreements.
| | 2025 | 2024 |
|---|
| Movement in contract liabilities | | NOK '000 | NOK '000 |
|---|
| At 1 January | | 39,805 | 23,178 |
|---|
| Increase during the year due to new sales | | 112,148 | 98,351 |
|---|
| Decrease due to revenue from satisfaction of performance obligation | | (105,811) | (81,724) |
|---|
| Exchange differences | | 871 | - |
|---|
| At 31 December | | 47,013 | 39,805 |
|---|
| Analysed as: |
|---|
| Non-current | 18 | 16,243 | - |
|---|
| Current | 17 | 30,770 | 39,805 |
|---|
| At 31 December 2025 | | 47,013 | 39,805 |
|---|
3.4. Unsatisfied long-term service level contracts
As of 31 December 2025, the Group had an aggregate amount of unsatisfied performance obligations resulting from fixed-price long-term service level contracts of approximately NOK 206 million (31 December 2024: NOK 77 million). Management expects that approximately 35% (2024: 60%) of the transaction price allocated to unsatisfied performance obligations as of 31 December 2025 will be recognised as revenue next year.
Note 3. Revenue from contract with customers
3.1. Ordinary activities of the Group
Appear generates its revenue from the sale of high-capacity solutions for media processing and content delivery (media processing and delivery platforms), including premium live event contribution, remote production and distribution.
Appear recognises revenue from the following major sources:
\u2022\tSales of its media processing and delivery platforms
\u2022\tAdditional sales of software and licenses
\u2022\tSales of support and consulting services
The Group disaggregates its revenue based on class of product / service and by geography.
Revenue is reported at the value of what has been received or will be received, and corresponds to the amounts received for goods and services sold after deductions for discounts and VAT.
Transaction price may consist of variable elements such as discounts, performance related price and contract penalties. Transaction price, including variable considerations, is estimated at the commencement of the contract (and periodically thereafter). Judgment is used in the estimation process based on historical experience with the type of business and customer.
Revenue is allocated according to each product\u2019s and service's stand-alone selling price. In the customer contracts each product and service are either negotiated separately or sold as a package. When negotiated separately, stand-alone selling prices are derived based on prices for the media processing and delivery platform and services as stated in the contract with the customer. When sold as a package, stand-alone selling prices for product and service is derived from Appear price lists.
Sales of media processing and delivery platforms
Appear offers and delivers media processing and delivery platforms, such as the X and XC platforms, directly to broadcasters and media operators. The media processing and delivery platforms integrate hardware and perpetual software to enable scalable and flexible operations.
- Our X platform is a high-capacity, ultra-dense, low-latency modular media processing and gateway hardware platform. Designed for live contribution, production, and distribution, it delivers unparalleled scalability, IP security, and advanced compression, ensuring maximum efficiency and performance for broadcasters and media operators
- Our XC platform is a flexible, modular head-end solution for IPTV and broadcast distribution, offering advanced media compression, stream processing, and robust scrambling) supports distribution across cable, satellite, terrestrial networks, and hospitality applications.
The perpetual software license is linked to the platform in a way that the customer cannot benefit from the license over a period longer than the useful life of the platform, and there are no attached services for maintenance of the software, unless a separate service-level agreement is entered into.
The sale of the media processing and delivery platforms is recognised when control of the media processing and delivery platform has transferred, being at the point of time when the customer has gained control of the media processing and delivery platform. Control is normally considered to be transferred upon delivery, when risk and financial benefits have been transferred to the customer. The customer is invoiced upon delivery of the media processing and delivery platform at standard payment terms of 30 days. Raw materials and components used in the media processing and delivery are expensed upon delivery to the customer.
Additional sales of software & licenses
In addition to the initial sale of the media processing and delivery platform, the customer can purchase additional perpetual software which upgrades or enhances the media processing and delivery platform for which the customer can derive separate benefits. The additional software represents a separate performance obligation. The additional sales of software and licenses enhancing the media processing and delivery platform are recognised when control of the software and licenses has transferred, being at the point of time when the customer has gained control of the software or license.
Sales of support and consulting services
Appear provides customers with support and consulting services for the media processing and delivery platform, through service-level agreements that provides the customer with services in the form of technical support services, software upgrades and compatibility updates. Technical support services include diagnostic support, hardware repair service beyond warranty period and other telephonic and occasional on-site support. Revenue from support and consulting services is recognised when the services are performed, linearly over the term of the agreed service period, as the customer can use the service at any time during the contract period. The length of the agreed service period varies and typically range from 1 to 3 years. The customer is typically invoiced for the service period in advance at standard payment terms of 30 days. Costs from performing the services mainly consist of personnel and other operating expenses and are incurred and expensed over time.
3.2. Revenue disaggregation
The table below shows the disaggregation of revenue from contracts with customers for the financial year and the basis on which revenue is recognised:
| 2025 | 2024 |
|---|
| NOK '000 | NOK '000 |
|---|
| Revenue by product group |
|---|
| Sales of media processing and delivery platforms | 391,297 | 333,779 |
|---|
| Additional sales of software and licenses | 300,381 | 182,749 |
|---|
| Sales of support and consulting services | 109,265 | 89,080 |
|---|
| Total revenue from contracts with customers | 800,943 | 605,608 |
|---|
| Revenue by geographical region |
|---|
| AM | 399,560 | 336,573 |
|---|
| EMEA | 373,406 | 257,102 |
|---|
| APAC | 27,976 | 11,933 |
|---|
| Total revenue from contracts with customers | 800,943 | 605,608 |
|---|
| Timing of recognition |
|---|
| Hardware and software recognised at a point in time | 691,678 | 516,528 |
|---|
| Services recognised over an agreed service period | 109,265 | 89,080 |
|---|
| Total revenue from contracts with customers | 800,943 | 605,608 |
|---|
3.3. Contract liabilities
Contract liabilities in the Group mainly relate to amounts paid for performance obligations that are completely or partially unsatisfied at the end of each reporting period. Contract liabilities primarily relate to the Group\u00b4s service level agreements.
| | 2025 | 2024 |
|---|
| Movement in contract liabilities | | NOK '000 | NOK '000 |
|---|
| At 1 January | | 39,805 | 23,178 |
|---|
| Increase during the year due to new sales | | 112,148 | 98,351 |
|---|
| Decrease due to revenue from satisfaction of performance obligation | | (105,811) | (81,724) |
|---|
| Exchange differences | | 871 | - |
|---|
| At 31 December | | 47,013 | 39,805 |
|---|
| Analysed as: |
|---|
| Non-current | 18 | 16,243 | - |
|---|
| Current | 17 | 30,770 | 39,805 |
|---|
| At 31 December 2025 | | 47,013 | 39,805 |
|---|
3.4. Unsatisfied long-term service level contracts
As of 31 December 2025, the Group had an aggregate amount of unsatisfied performance obligations resulting from fixed-price long-term service level contracts of approximately NOK 206 million (31 December 2024: NOK 77 million). Management expects that approximately 35% (2024: 60%) of the transaction price allocated to unsatisfied performance obligations as of 31 December 2025 will be recognised as revenue next year.
3.1. Ordinary activities of the Group
Appear generates its revenue from the sale of high-capacity solutions for media processing and content delivery (media processing and delivery platforms), including premium live event contribution, remote production and distribution.
Appear recognises revenue from the following major sources:
\u2022\tSales of its media processing and delivery platforms
\u2022\tAdditional sales of software and licenses
\u2022\tSales of support and consulting services
The Group disaggregates its revenue based on class of product / service and by geography.
Revenue is reported at the value of what has been received or will be received, and corresponds to the amounts received for goods and services sold after deductions for discounts and VAT.
Transaction price may consist of variable elements such as discounts, performance related price and contract penalties. Transaction price, including variable considerations, is estimated at the commencement of the contract (and periodically thereafter). Judgment is used in the estimation process based on historical experience with the type of business and customer.
Revenue is allocated according to each product\u2019s and service's stand-alone selling price. In the customer contracts each product and service are either negotiated separately or sold as a package. When negotiated separately, stand-alone selling prices are derived based on prices for the media processing and delivery platform and services as stated in the contract with the customer. When sold as a package, stand-alone selling prices for product and service is derived from Appear price lists.
Sales of media processing and delivery platforms
Appear offers and delivers media processing and delivery platforms, such as the X and XC platforms, directly to broadcasters and media operators. The media processing and delivery platforms integrate hardware and perpetual software to enable scalable and flexible operations.
- Our X platform is a high-capacity, ultra-dense, low-latency modular media processing and gateway hardware platform. Designed for live contribution, production, and distribution, it delivers unparalleled scalability, IP security, and advanced compression, ensuring maximum efficiency and performance for broadcasters and media operators
- Our XC platform is a flexible, modular head-end solution for IPTV and broadcast distribution, offering advanced media compression, stream processing, and robust scrambling) supports distribution across cable, satellite, terrestrial networks, and hospitality applications.
The perpetual software license is linked to the platform in a way that the customer cannot benefit from the license over a period longer than the useful life of the platform, and there are no attached services for maintenance of the software, unless a separate service-level agreement is entered into.
The sale of the media processing and delivery platforms is recognised when control of the media processing and delivery platform has transferred, being at the point of time when the customer has gained control of the media processing and delivery platform. Control is normally considered to be transferred upon delivery, when risk and financial benefits have been transferred to the customer. The customer is invoiced upon delivery of the media processing and delivery platform at standard payment terms of 30 days. Raw materials and components used in the media processing and delivery are expensed upon delivery to the customer.
Additional sales of software & licenses
In addition to the initial sale of the media processing and delivery platform, the customer can purchase additional perpetual software which upgrades or enhances the media processing and delivery platform for which the customer can derive separate benefits. The additional software represents a separate performance obligation. The additional sales of software and licenses enhancing the media processing and delivery platform are recognised when control of the software and licenses has transferred, being at the point of time when the customer has gained control of the software or license.
Sales of support and consulting services
Appear provides customers with support and consulting services for the media processing and delivery platform, through service-level agreements that provides the customer with services in the form of technical support services, software upgrades and compatibility updates. Technical support services include diagnostic support, hardware repair service beyond warranty period and other telephonic and occasional on-site support. Revenue from support and consulting services is recognised when the services are performed, linearly over the term of the agreed service period, as the customer can use the service at any time during the contract period. The length of the agreed service period varies and typically range from 1 to 3 years. The customer is typically invoiced for the service period in advance at standard payment terms of 30 days. Costs from performing the services mainly consist of personnel and other operating expenses and are incurred and expensed over time.
3.1. Ordinary activities of the Group
Appear generates its revenue from the sale of high-capacity solutions for media processing and content delivery (media processing and delivery platforms), including premium live event contribution, remote production and distribution.
Appear recognises revenue from the following major sources:
\u2022\tSales of its media processing and delivery platforms
\u2022\tAdditional sales of software and licenses
\u2022\tSales of support and consulting services
The Group disaggregates its revenue based on class of product / service and by geography.
Revenue is reported at the value of what has been received or will be received, and corresponds to the amounts received for goods and services sold after deductions for discounts and VAT.
Transaction price may consist of variable elements such as discounts, performance related price and contract penalties. Transaction price, including variable considerations, is estimated at the commencement of the contract (and periodically thereafter). Judgment is used in the estimation process based on historical experience with the type of business and customer.
Revenue is allocated according to each product\u2019s and service's stand-alone selling price. In the customer contracts each product and service are either negotiated separately or sold as a package. When negotiated separately, stand-alone selling prices are derived based on prices for the media processing and delivery platform and services as stated in the contract with the customer. When sold as a package, stand-alone selling prices for product and service is derived from Appear price lists.
Sales of media processing and delivery platforms
Appear offers and delivers media processing and delivery platforms, such as the X and XC platforms, directly to broadcasters and media operators. The media processing and delivery platforms integrate hardware and perpetual software to enable scalable and flexible operations.
- Our X platform is a high-capacity, ultra-dense, low-latency modular media processing and gateway hardware platform. Designed for live contribution, production, and distribution, it delivers unparalleled scalability, IP security, and advanced compression, ensuring maximum efficiency and performance for broadcasters and media operators
- Our XC platform is a flexible, modular head-end solution for IPTV and broadcast distribution, offering advanced media compression, stream processing, and robust scrambling) supports distribution across cable, satellite, terrestrial networks, and hospitality applications.
The perpetual software license is linked to the platform in a way that the customer cannot benefit from the license over a period longer than the useful life of the platform, and there are no attached services for maintenance of the software, unless a separate service-level agreement is entered into.
The sale of the media processing and delivery platforms is recognised when control of the media processing and delivery platform has transferred, being at the point of time when the customer has gained control of the media processing and delivery platform. Control is normally considered to be transferred upon delivery, when risk and financial benefits have been transferred to the customer. The customer is invoiced upon delivery of the media processing and delivery platform at standard payment terms of 30 days. Raw materials and components used in the media processing and delivery are expensed upon delivery to the customer.
Additional sales of software & licenses
In addition to the initial sale of the media processing and delivery platform, the customer can purchase additional perpetual software which upgrades or enhances the media processing and delivery platform for which the customer can derive separate benefits. The additional software represents a separate performance obligation. The additional sales of software and licenses enhancing the media processing and delivery platform are recognised when control of the software and licenses has transferred, being at the point of time when the customer has gained control of the software or license.
Sales of support and consulting services
Appear provides customers with support and consulting services for the media processing and delivery platform, through service-level agreements that provides the customer with services in the form of technical support services, software upgrades and compatibility updates. Technical support services include diagnostic support, hardware repair service beyond warranty period and other telephonic and occasional on-site support. Revenue from support and consulting services is recognised when the services are performed, linearly over the term of the agreed service period, as the customer can use the service at any time during the contract period. The length of the agreed service period varies and typically range from 1 to 3 years. The customer is typically invoiced for the service period in advance at standard payment terms of 30 days. Costs from performing the services mainly consist of personnel and other operating expenses and are incurred and expensed over time.
3.3. Contract liabilities
Contract liabilities in the Group mainly relate to amounts paid for performance obligations that are completely or partially unsatisfied at the end of each reporting period. Contract liabilities primarily relate to the Group\u00b4s service level agreements.
| | 2025 | 2024 |
|---|
| Movement in contract liabilities | | NOK '000 | NOK '000 |
|---|
| At 1 January | | 39,805 | 23,178 |
|---|
| Increase during the year due to new sales | | 112,148 | 98,351 |
|---|
| Decrease due to revenue from satisfaction of performance obligation | | (105,811) | (81,724) |
|---|
| Exchange differences | | 871 | - |
|---|
| At 31 December | | 47,013 | 39,805 |
|---|
| Analysed as: |
|---|
| Non-current | 18 | 16,243 | - |
|---|
| Current | 17 | 30,770 | 39,805 |
|---|
| At 31 December 2025 | | 47,013 | 39,805 |
|---|
Note 4. Employee Benefit Expenses
4.1. Employee benefit expense disaggregation
Employee benefit expense for the years presented in the financial statements are disaggregated as follows:
| | 2025 | 2024 |
|---|
| Employee benefit expenses | Notes | NOK '000 | NOK '000 |
|---|
| Short-term employee benefits | | 245,561 | 210,838 |
|---|
| Social secuirty costs | | 33,741 | 26,577 |
|---|
| Pension costs | 4.3 | 16,742 | 10,571 |
|---|
| Other remuneration | | 7,727 | 9,027 |
|---|
| Reduction of payroll expenses from SkatteFUNN | 4.4 | (2,906) | (3,216) |
|---|
| Development expenses capitalized | 10 | (58,471) | - |
|---|
| Total Employee benefit expenses | | 242,394 | 253,797 |
|---|
4.2. Average number of full time equivalents
The average number of full time equivalents employees and sales consultants employed by the Group over the financial year and the number of employees and sales consultants at the end of the financial year is presented below:
| | 2025 | 2024 |
|---|
| Number of employees & sales consultants | Notes | No. | No. |
|---|
| Average number of full time equivalent employees | | 186 | 160 |
|---|
| Average number of full time sales consultants | | 18 | 12 |
|---|
| Average number of full time employees and sales consultants | | 204 | 172 |
|---|
4.3. Pension schemes
The Group is required to have an occupational pension scheme for its employees in accordance with the Norwegian law on required occupational pension. Appear has a defined contribution plan to pay contributions to an insurance company, that meets the requirements of that law.
Employees covered by the Group\u2019s pension scheme amounted to 159 at 31 December 2025 (31 December 2024: 147).
4.4. Government grants
The Group received approval for certain \u201cSkatteFUNN\u201d projects for the financial year. The following subsidies are recognised as cost reductions in employee benefit expenses and recognised as other current assets in the consolidated statement of financial position.
| | 2025 | 2024 |
|---|
| Government Grants | Notes | NOK '000 | NOK '000 |
|---|
| SkatteFUNN | | 2,906 | 3,216 |
|---|
| Total Government Grants | | 2,906 | 3,216 |
|---|
4.3. Pension schemes
The Group is required to have an occupational pension scheme for its employees in accordance with the Norwegian law on required occupational pension. Appear has a defined contribution plan to pay contributions to an insurance company, that meets the requirements of that law.
Employees covered by the Group\u2019s pension scheme amounted to 159 at 31 December 2025 (31 December 2024: 147).
4.4. Government grants
The Group received approval for certain \u201cSkatteFUNN\u201d projects for the financial year. The following subsidies are recognised as cost reductions in employee benefit expenses and recognised as other current assets in the consolidated statement of financial position.
| | 2025 | 2024 |
|---|
| Government Grants | Notes | NOK '000 | NOK '000 |
|---|
| SkatteFUNN | | 2,906 | 3,216 |
|---|
| Total Government Grants | | 2,906 | 3,216 |
|---|
4.4. Government grants
The Group received approval for certain \u201cSkatteFUNN\u201d projects for the financial year. The following subsidies are recognised as cost reductions in employee benefit expenses and recognised as other current assets in the consolidated statement of financial position.
| | 2025 | 2024 |
|---|
| Government Grants | Notes | NOK '000 | NOK '000 |
|---|
| SkatteFUNN | | 2,906 | 3,216 |
|---|
| Total Government Grants | | 2,906 | 3,216 |
|---|
Note 5. Other operating expenses
5.1. Depreciation and amortization
Depreciation and amortisation incurred by the Group are disaggregated as follows:
| | 2025 | 2024 |
|---|
| Depreciation and Amortisation | Notes | NOK '000 | NOK '000 |
|---|
| Depreciation of property, plant & equipment | 9 | 8,762 | 5,780 |
|---|
| Amortisation of intangibles | 10 | 1,103 | 151 |
|---|
| Depreciation of right of use assets | 11 | 8,542 | 8,215 |
|---|
| Total Depreciation and Amortisation | | 18,407 | 14,145 |
|---|
5.2. Other operating expenses
Other operating expenses incurred by the Group are disaggregated as follows:
| | 2025 | 2024 |
|---|
| Other operating expenses | Notes | NOK '000 | NOK '000 |
|---|
| Fees for external services | | 74,941 | 45,211 |
|---|
| Sales and marketing | | 23,744 | 15,241 |
|---|
| Office supplies and maintenance | | 11,087 | 7,384 |
|---|
| Licenses and other IT expenses | | 10,413 | 6,201 |
|---|
| Service and repairs | | 2,612 | 2,440 |
|---|
| Research and Development | | 3,520 | 1,777 |
|---|
| Other expenses | | 27,727 | 16,627 |
|---|
| Development expenses capitalized | 10 | (6,256) | - |
|---|
| Total Other Operating expenses | | 147,789 | 94,881 |
|---|
5.3. Fees to statutory auditors
The total remuneration to the auditor for the years presented in these financial statements has been the following:
| | 2025 | 2024 |
|---|
| Remuneration to auditors | Notes | NOK '000 | NOK '000 |
|---|
| Statutory audit | | 1,856 | 1,225 |
|---|
| Other assurance services | | 1,099 | - |
|---|
| Tax advisory fee | | 1,110 | - |
|---|
| Other non-audit services | | 964 | 835 |
|---|
| Total remuneration to auditors | | 5,029 | 2,060 |
|---|
Note 5. Other operating expenses
5.1. Depreciation and amortization
Depreciation and amortisation incurred by the Group are disaggregated as follows:
| | 2025 | 2024 |
|---|
| Depreciation and Amortisation | Notes | NOK '000 | NOK '000 |
|---|
| Depreciation of property, plant & equipment | 9 | 8,762 | 5,780 |
|---|
| Amortisation of intangibles | 10 | 1,103 | 151 |
|---|
| Depreciation of right of use assets | 11 | 8,542 | 8,215 |
|---|
| Total Depreciation and Amortisation | | 18,407 | 14,145 |
|---|
5.2. Other operating expenses
Other operating expenses incurred by the Group are disaggregated as follows:
| | 2025 | 2024 |
|---|
| Other operating expenses | Notes | NOK '000 | NOK '000 |
|---|
| Fees for external services | | 74,941 | 45,211 |
|---|
| Sales and marketing | | 23,744 | 15,241 |
|---|
| Office supplies and maintenance | | 11,087 | 7,384 |
|---|
| Licenses and other IT expenses | | 10,413 | 6,201 |
|---|
| Service and repairs | | 2,612 | 2,440 |
|---|
| Research and Development | | 3,520 | 1,777 |
|---|
| Other expenses | | 27,727 | 16,627 |
|---|
| Development expenses capitalized | 10 | (6,256) | - |
|---|
| Total Other Operating expenses | | 147,789 | 94,881 |
|---|
5.3. Fees to statutory auditors
The total remuneration to the auditor for the years presented in these financial statements has been the following:
| | 2025 | 2024 |
|---|
| Remuneration to auditors | Notes | NOK '000 | NOK '000 |
|---|
| Statutory audit | | 1,856 | 1,225 |
|---|
| Other assurance services | | 1,099 | - |
|---|
| Tax advisory fee | | 1,110 | - |
|---|
| Other non-audit services | | 964 | 835 |
|---|
| Total remuneration to auditors | | 5,029 | 2,060 |
|---|
5.3. Fees to statutory auditors
The total remuneration to the auditor for the years presented in these financial statements has been the following:
| | 2025 | 2024 |
|---|
| Remuneration to auditors | Notes | NOK '000 | NOK '000 |
|---|
| Statutory audit | | 1,856 | 1,225 |
|---|
| Other assurance services | | 1,099 | - |
|---|
| Tax advisory fee | | 1,110 | - |
|---|
| Other non-audit services | | 964 | 835 |
|---|
| Total remuneration to auditors | | 5,029 | 2,060 |
|---|
Note 6. Net finance income and finance expenses
Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes. Interest income relates to interest on bank deposits.
Interest expense primarily relates to lease liabilities.
Fair value gains on money market funds relate to investments in liquidity and interest rate funds.
| | 2025 | 2024 |
|---|
| Net finance income and finance expenses | Notes | NOK '000 | NOK '000 |
|---|
| Finance Income |
|---|
| Interest income | | 3,141 | 4,616 |
|---|
| Total Finance Income | | 3,141 | 4,616 |
|---|
| Finance expenses |
|---|
| Interest expenses | | (30) | (6) |
|---|
| Interest expense on lease liabilities | | (3,998) | (3,020) |
|---|
| Total Finance expenses | | (4,029) | (3,026) |
|---|
| Net fair value gains/(losses) on money market funds |
|---|
| Net fair value gains/(losses) on money market funds | | 9,998 | 5,940 |
|---|
| Total Net fair value gains/(losses) on money market funds | | 9,998 | 5,940 |
|---|
| Other financial gains/(losses) |
|---|
| Net foreign currency gains/(losses) | | (10,372) | 10,619 |
|---|
| Total Other financial gains/(losses) | | (10,372) | 10,619 |
|---|
| Total Net finance income and finance expenses | | (1,261) | 18,149 |
|---|
Note 6. Net finance income and finance expenses
Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes. Interest income relates to interest on bank deposits.
Interest expense primarily relates to lease liabilities.
Fair value gains on money market funds relate to investments in liquidity and interest rate funds.
| | 2025 | 2024 |
|---|
| Net finance income and finance expenses | Notes | NOK '000 | NOK '000 |
|---|
| Finance Income |
|---|
| Interest income | | 3,141 | 4,616 |
|---|
| Total Finance Income | | 3,141 | 4,616 |
|---|
| Finance expenses |
|---|
| Interest expenses | | (30) | (6) |
|---|
| Interest expense on lease liabilities | | (3,998) | (3,020) |
|---|
| Total Finance expenses | | (4,029) | (3,026) |
|---|
| Net fair value gains/(losses) on money market funds |
|---|
| Net fair value gains/(losses) on money market funds | | 9,998 | 5,940 |
|---|
| Total Net fair value gains/(losses) on money market funds | | 9,998 | 5,940 |
|---|
| Other financial gains/(losses) |
|---|
| Net foreign currency gains/(losses) | | (10,372) | 10,619 |
|---|
| Total Other financial gains/(losses) | | (10,372) | 10,619 |
|---|
| Total Net finance income and finance expenses | | (1,261) | 18,149 |
|---|
Note 7. Income tax
The income tax expense or income for the year is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred taxes are calculated based on temporary differences between book value and tax values, in addition to tax losses carried forward at the end of the accounting year.
The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets are realized, or the deferred income tax liabilities are settled.
7.1. Income tax expense
Income tax expense is recognised based on management\u2019s estimate of the effective annual income tax rate expected for the full financial year. The effective tax rate used for the year ended 31 December 2025 is 23.8%, compared to 24.0% for the year ended 31 December 2024.
| | 2025 | 2024 |
|---|
| Income tax | Notes | NOK '000 | NOK '000 |
|---|
| Corporation income tax | | 44,526 | 18,054 |
|---|
| Changes in deferred tax | | (4,230) | 3,728 |
|---|
| Income tax expense/(income) recognised in statement of comprehensive income | | 40,296 | 21,782 |
|---|
| Calculation of effective tax rate |
|---|
| Calculated tax on profit before tax with 22% | | 37,281 | 20,084 |
|---|
| Tax effect of tax rates different from 22% | | (404) | 374 |
|---|
| Tax effect of permanent differences | | 3,397 | 1,324 |
|---|
| Exchange difference | | 19 | - |
|---|
| Income tax expense/(income) recognised in statement of comprehensive income | | 40,296 | 21,782 |
|---|
| Effective tax rate | | 23.8% | 24.0% |
|---|
7.2. Reconciliation of deferred tax
| | 2025 | 2024 |
|---|
| Reconciliation of deferred tax | Notes | NOK '000 | NOK '000 |
|---|
| Property, plant and equipment | | 5,300 | 4,634 |
|---|
| Inventories | | 3,443 | 2,971 |
|---|
| Trade & other receivables | | 1,161 | 969 |
|---|
| Financial instruments | | (27,908) | (18,338) |
|---|
| Lease liabilities | | 7,451 | 4,421 |
|---|
| Other current liabilities | | 20,451 | 209 |
|---|
| Provisions | | 2,090 | 2,429 |
|---|
| Net differences | | 11,989 | (2,705) |
|---|
| Tax losses carried forward | | - | - |
|---|
| Net deferred tax base | | 11,989 | (2,705) |
|---|
| Deferred tax asset | | 7,102 | - |
|---|
| Deferred tax liabilities | | (3,504) | (642) |
|---|
| Deferred tax assets (liabilities), net | | 3,598 | (642) |
|---|
The Group did not have any unrecognised tax losses carried forward at any of the reporting periods presented. In the financial year ended 31 December 2024 the group fully utilised brought forward Tax losses from prior periods.
7.3. Movement of deferred tax balances
| Property, plant and equipment | Inventories | Trade & other receivables | Financial Instruments | Lease liabilities | Other currennt liabilities | Provisions | Tax losses carried forward | Total |
|---|
| Deferred tax balances | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK '000 |
|---|
| At 1 January 2024 | 389 | 599 | 360 | (2,728) | 103 | - | 1,240 | (2,721) | (2,757) |
|---|
| (Charged)/credited to |
|---|
| - income statement | 609 | 54 | (144) | (1,307) | 893 | 29 | (706) | 2,721 | 2,149 |
|---|
| - other comprehensive income | (36) | - | (3) | - | 3 | 2 | - | - | (34) |
|---|
| At 31 December 2024 | 962 | 654 | 213 | (4,034) | 999 | 31 | 534 | - | (642) |
|---|
| At 1 January 2025 | 962 | 654 | 213 | (4,034) | 999 | 31 | 534 | - | (642) |
|---|
| (Charged)/credited to |
|---|
| - income statement | 158 | 104 | 42 | (2,105) | 647 | 5,461 | (75) | - | 4,232 |
|---|
| - other comprehensive income | 23 | - | - | - | (1) | (14) | - | - | 8 |
|---|
| At 31 December 2025 | 1,144 | 758 | 255 | (6,140) | 1,644 | 5,478 | 459 | - | 3,598 |
|---|
Note 7. Income tax
The income tax expense or income for the year is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred taxes are calculated based on temporary differences between book value and tax values, in addition to tax losses carried forward at the end of the accounting year.
The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets are realized, or the deferred income tax liabilities are settled.
7.1. Income tax expense
Income tax expense is recognised based on management\u2019s estimate of the effective annual income tax rate expected for the full financial year. The effective tax rate used for the year ended 31 December 2025 is 23.8%, compared to 24.0% for the year ended 31 December 2024.
| | 2025 | 2024 |
|---|
| Income tax | Notes | NOK '000 | NOK '000 |
|---|
| Corporation income tax | | 44,526 | 18,054 |
|---|
| Changes in deferred tax | | (4,230) | 3,728 |
|---|
| Income tax expense/(income) recognised in statement of comprehensive income | | 40,296 | 21,782 |
|---|
| Calculation of effective tax rate |
|---|
| Calculated tax on profit before tax with 22% | | 37,281 | 20,084 |
|---|
| Tax effect of tax rates different from 22% | | (404) | 374 |
|---|
| Tax effect of permanent differences | | 3,397 | 1,324 |
|---|
| Exchange difference | | 19 | - |
|---|
| Income tax expense/(income) recognised in statement of comprehensive income | | 40,296 | 21,782 |
|---|
| Effective tax rate | | 23.8% | 24.0% |
|---|
7.2. Reconciliation of deferred tax
| | 2025 | 2024 |
|---|
| Reconciliation of deferred tax | Notes | NOK '000 | NOK '000 |
|---|
| Property, plant and equipment | | 5,300 | 4,634 |
|---|
| Inventories | | 3,443 | 2,971 |
|---|
| Trade & other receivables | | 1,161 | 969 |
|---|
| Financial instruments | | (27,908) | (18,338) |
|---|
| Lease liabilities | | 7,451 | 4,421 |
|---|
| Other current liabilities | | 20,451 | 209 |
|---|
| Provisions | | 2,090 | 2,429 |
|---|
| Net differences | | 11,989 | (2,705) |
|---|
| Tax losses carried forward | | - | - |
|---|
| Net deferred tax base | | 11,989 | (2,705) |
|---|
| Deferred tax asset | | 7,102 | - |
|---|
| Deferred tax liabilities | | (3,504) | (642) |
|---|
| Deferred tax assets (liabilities), net | | 3,598 | (642) |
|---|
The Group did not have any unrecognised tax losses carried forward at any of the reporting periods presented. In the financial year ended 31 December 2024 the group fully utilised brought forward Tax losses from prior periods.
7.3. Movement of deferred tax balances
| Property, plant and equipment | Inventories | Trade & other receivables | Financial Instruments | Lease liabilities | Other currennt liabilities | Provisions | Tax losses carried forward | Total |
|---|
| Deferred tax balances | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK '000 |
|---|
| At 1 January 2024 | 389 | 599 | 360 | (2,728) | 103 | - | 1,240 | (2,721) | (2,757) |
|---|
| (Charged)/credited to |
|---|
| - income statement | 609 | 54 | (144) | (1,307) | 893 | 29 | (706) | 2,721 | 2,149 |
|---|
| - other comprehensive income | (36) | - | (3) | - | 3 | 2 | - | - | (34) |
|---|
| At 31 December 2024 | 962 | 654 | 213 | (4,034) | 999 | 31 | 534 | - | (642) |
|---|
| At 1 January 2025 | 962 | 654 | 213 | (4,034) | 999 | 31 | 534 | - | (642) |
|---|
| (Charged)/credited to |
|---|
| - income statement | 158 | 104 | 42 | (2,105) | 647 | 5,461 | (75) | - | 4,232 |
|---|
| - other comprehensive income | 23 | - | - | - | (1) | (14) | - | - | 8 |
|---|
| At 31 December 2025 | 1,144 | 758 | 255 | (6,140) | 1,644 | 5,478 | 459 | - | 3,598 |
|---|
Note 7. Income tax
The income tax expense or income for the year is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred taxes are calculated based on temporary differences between book value and tax values, in addition to tax losses carried forward at the end of the accounting year.
The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets are realized, or the deferred income tax liabilities are settled.
7.1. Income tax expense
Income tax expense is recognised based on management\u2019s estimate of the effective annual income tax rate expected for the full financial year. The effective tax rate used for the year ended 31 December 2025 is 23.8%, compared to 24.0% for the year ended 31 December 2024.
| | 2025 | 2024 |
|---|
| Income tax | Notes | NOK '000 | NOK '000 |
|---|
| Corporation income tax | | 44,526 | 18,054 |
|---|
| Changes in deferred tax | | (4,230) | 3,728 |
|---|
| Income tax expense/(income) recognised in statement of comprehensive income | | 40,296 | 21,782 |
|---|
| Calculation of effective tax rate |
|---|
| Calculated tax on profit before tax with 22% | | 37,281 | 20,084 |
|---|
| Tax effect of tax rates different from 22% | | (404) | 374 |
|---|
| Tax effect of permanent differences | | 3,397 | 1,324 |
|---|
| Exchange difference | | 19 | - |
|---|
| Income tax expense/(income) recognised in statement of comprehensive income | | 40,296 | 21,782 |
|---|
| Effective tax rate | | 23.8% | 24.0% |
|---|
7.2. Reconciliation of deferred tax
| | 2025 | 2024 |
|---|
| Reconciliation of deferred tax | Notes | NOK '000 | NOK '000 |
|---|
| Property, plant and equipment | | 5,300 | 4,634 |
|---|
| Inventories | | 3,443 | 2,971 |
|---|
| Trade & other receivables | | 1,161 | 969 |
|---|
| Financial instruments | | (27,908) | (18,338) |
|---|
| Lease liabilities | | 7,451 | 4,421 |
|---|
| Other current liabilities | | 20,451 | 209 |
|---|
| Provisions | | 2,090 | 2,429 |
|---|
| Net differences | | 11,989 | (2,705) |
|---|
| Tax losses carried forward | | - | - |
|---|
| Net deferred tax base | | 11,989 | (2,705) |
|---|
| Deferred tax asset | | 7,102 | - |
|---|
| Deferred tax liabilities | | (3,504) | (642) |
|---|
| Deferred tax assets (liabilities), net | | 3,598 | (642) |
|---|
The Group did not have any unrecognised tax losses carried forward at any of the reporting periods presented. In the financial year ended 31 December 2024 the group fully utilised brought forward Tax losses from prior periods.
7.3. Movement of deferred tax balances
| Property, plant and equipment | Inventories | Trade & other receivables | Financial Instruments | Lease liabilities | Other currennt liabilities | Provisions | Tax losses carried forward | Total |
|---|
| Deferred tax balances | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK '000 |
|---|
| At 1 January 2024 | 389 | 599 | 360 | (2,728) | 103 | - | 1,240 | (2,721) | (2,757) |
|---|
| (Charged)/credited to |
|---|
| - income statement | 609 | 54 | (144) | (1,307) | 893 | 29 | (706) | 2,721 | 2,149 |
|---|
| - other comprehensive income | (36) | - | (3) | - | 3 | 2 | - | - | (34) |
|---|
| At 31 December 2024 | 962 | 654 | 213 | (4,034) | 999 | 31 | 534 | - | (642) |
|---|
| At 1 January 2025 | 962 | 654 | 213 | (4,034) | 999 | 31 | 534 | - | (642) |
|---|
| (Charged)/credited to |
|---|
| - income statement | 158 | 104 | 42 | (2,105) | 647 | 5,461 | (75) | - | 4,232 |
|---|
| - other comprehensive income | 23 | - | - | - | (1) | (14) | - | - | 8 |
|---|
| At 31 December 2025 | 1,144 | 758 | 255 | (6,140) | 1,644 | 5,478 | 459 | - | 3,598 |
|---|
7.2. Reconciliation of deferred tax
| | 2025 | 2024 |
|---|
| Reconciliation of deferred tax | Notes | NOK '000 | NOK '000 |
|---|
| Property, plant and equipment | | 5,300 | 4,634 |
|---|
| Inventories | | 3,443 | 2,971 |
|---|
| Trade & other receivables | | 1,161 | 969 |
|---|
| Financial instruments | | (27,908) | (18,338) |
|---|
| Lease liabilities | | 7,451 | 4,421 |
|---|
| Other current liabilities | | 20,451 | 209 |
|---|
| Provisions | | 2,090 | 2,429 |
|---|
| Net differences | | 11,989 | (2,705) |
|---|
| Tax losses carried forward | | - | - |
|---|
| Net deferred tax base | | 11,989 | (2,705) |
|---|
| Deferred tax asset | | 7,102 | - |
|---|
| Deferred tax liabilities | | (3,504) | (642) |
|---|
| Deferred tax assets (liabilities), net | | 3,598 | (642) |
|---|
The Group did not have any unrecognised tax losses carried forward at any of the reporting periods presented. In the financial year ended 31 December 2024 the group fully utilised brought forward Tax losses from prior periods.
7.3. Movement of deferred tax balances
| Property, plant and equipment | Inventories | Trade & other receivables | Financial Instruments | Lease liabilities | Other currennt liabilities | Provisions | Tax losses carried forward | Total |
|---|
| Deferred tax balances | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK
'000 | NOK '000 |
|---|
| At 1 January 2024 | 389 | 599 | 360 | (2,728) | 103 | - | 1,240 | (2,721) | (2,757) |
|---|
| (Charged)/credited to |
|---|
| - income statement | 609 | 54 | (144) | (1,307) | 893 | 29 | (706) | 2,721 | 2,149 |
|---|
| - other comprehensive income | (36) | - | (3) | - | 3 | 2 | - | - | (34) |
|---|
| At 31 December 2024 | 962 | 654 | 213 | (4,034) | 999 | 31 | 534 | - | (642) |
|---|
| At 1 January 2025 | 962 | 654 | 213 | (4,034) | 999 | 31 | 534 | - | (642) |
|---|
| (Charged)/credited to |
|---|
| - income statement | 158 | 104 | 42 | (2,105) | 647 | 5,461 | (75) | - | 4,232 |
|---|
| - other comprehensive income | 23 | - | - | - | (1) | (14) | - | - | 8 |
|---|
| At 31 December 2025 | 1,144 | 758 | 255 | (6,140) | 1,644 | 5,478 | 459 | - | 3,598 |
|---|
Note 8. Earnings per share
| 2025 | 2024 |
|---|
| Baseic and diluted Earning per share | | |
|---|
| Earning per share for profit attributable to the ordinary equity holers of the company: (NOK'000) | 129,162 | 69,513 |
|---|
| Weighted average number of shares used as the denominator |
|---|
| Number of shares (in thousands) |
|---|
| - Basic | 37,971 | 37,548 |
|---|
| - Diluted | 37,971 | 37,548 |
|---|
| Earnings per share for total comprehensive income attributable to the ordinary equity holders of the company: |
|---|
| Amount in NOK per share |
|---|
| - Basic earnings per share | 3.40 | 1.86 |
|---|
| - Diluted earnings per share | 3.40 | 1.86 |
|---|
Note 8. Earnings per share
| 2025 | 2024 |
|---|
| Baseic and diluted Earning per share | | |
|---|
| Earning per share for profit attributable to the ordinary equity holers of the company: (NOK'000) | 129,162 | 69,513 |
|---|
| Weighted average number of shares used as the denominator |
|---|
| Number of shares (in thousands) |
|---|
| - Basic | 37,971 | 37,548 |
|---|
| - Diluted | 37,971 | 37,548 |
|---|
| Earnings per share for total comprehensive income attributable to the ordinary equity holders of the company: |
|---|
| Amount in NOK per share |
|---|
| - Basic earnings per share | 3.40 | 1.86 |
|---|
| - Diluted earnings per share | 3.40 | 1.86 |
|---|
Note 9. Property, plant and equipment
The Group initially recognises its property, plant and equipment at cost, and subsequent cost is accounted at initial cost less accumulated depreciation and impairments.
Accounting estimates \u2013 useful lives and depreciation methods
The following depreciation methods and useful lives have been identified for each of the class of property, plant and equipment assets identified in the Group:
| Leasehold improvements | Production Technology | Demo equipment | Other property, plant & equipment |
|---|
| Depreciation method | Straight line | Straight line | Straight line | Straight line |
|---|
| Useful life | 5 - 10 years | 3\u00a0years | 3\u00a0years | 3-5 years |
|---|
The Group reviews the useful life of its property, plant and equipment assets at least at each period end, considering factors such as their obsolescence and expected levels of wear and tear.
The useful life of the leasehold improvements is depreciated over the remaining lease term held by the Group.
| Leasehold improvements | Production
Technology | Demo equipment | Other property, plant & equipment | Total |
|---|
| Property, plant and equipment | NOK '000 | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Balance at 1 January 2024 |
|---|
| Cost | - | 23,953 | 12,927 | 5,914 | 42,794 |
|---|
| Accumulated depreciation | - | (19,139) | (7,189) | (4,313) | (30,641) |
|---|
| Net book value at 1 January 2024 | - | 4,814 | 5,738 | 1,601 | 12,153 |
|---|
| Year ended 31 December 2024 |
|---|
| Opening net book value | - | 4,814 | 5,738 | 1,601 | 12,153 |
|---|
| Additions | 5,643 | 2,469 | 1,758 | 283 | 10,153 |
|---|
| Transfers to/from category | - | 192 | - | (192) | - |
|---|
| Depreciation charge for year | (64) | (2,816) | (2,366) | (534) | (5,780) |
|---|
| Disposals | - | - | (2,391) | - | (2,391) |
|---|
| Exchange differences | - | 204 | - | - | 204 |
|---|
| Net book value at 31 December 2024 | 5,579 | 4,863 | 2,739 | 1,158 | 14,339 |
|---|
| Balance at 31 December 2024 |
|---|
| Cost | 5,643 | 29,818 | 8,279 | 2,056 | 45,796 |
|---|
| Accumulated depreciation | (64) | (24,955) | (5,540) | (898) | (31,457) |
|---|
| Net book value at 31 December 2024 | 5,579 | 4,863 | 2,739 | 1,158 | 14,339 |
|---|
| Year ended 31 December 2025 |
|---|
| Opening net book value | 5,579 | 4,863 | 2,739 | 1,158 | 14,339 |
|---|
| Additions | 3,004 | 14,351 | 5,494 | 1,834 | 24,684 |
|---|
| Transfers to/from category | 1,003 | (1,117) | 763 | 115 | 763 |
|---|
| Depreciation charge for year | (1,663) | (3,706) | (2,905) | (521) | (8,794) |
|---|
| Disposals | - | - | - | - | - |
|---|
| Exchange differences | (37) | (84) | - | (26) | (147) |
|---|
| Net book value at 31 December 2025 | 7,887 | 14,307 | 6,091 | 2,560 | 30,844 |
|---|
| Balance at 31 December 2025 |
|---|
| Cost | 9,976 | 42,587 | 14,535 | 3,863 | 70,961 |
|---|
| Accumulated depreciation | (2,090) | (28,280) | (8,445) | (1,303) | (40,117) |
|---|
| Net book value at 31 December 2025 | 7,887 | 14,307 | 6,091 | 2,560 | 30,844 |
|---|
Note 10. Intangible assets
The Group recognises its intangible assets, initially at cost.
Intangible assets with definite useful life are subsequently recognised at cost, less accumulated amortisation and impairments. Impairment testing is performed if there are indicators of impairment losses.
Intangible assets with indefinite useful life are subsequently recognised at cost, minus impairments. Impairment testing is performed on an annual basis.
Accounting estimates \u2013 useful lives and amortisation methods
The following amortisation methods and useful lives have been identified for each of the class of intangible assets identified in the Group:
| Trademarks | Software | Capitalised technology development costs |
|---|
| Amortisation method | - | Straight line | Straight line |
|---|
| Useful life | Indefinite | 3 - 5 years | 3-5 years |
|---|
The Group reviews useful life of its intangible assets at least at each period end, considering factors such as their obsolescence.
Capitalised technological development costs
Appear has in recent years incurred significant research and development costs. Research costs are expensed as incurred, while development costs are expensed unless recognition criteria for capitalising as an intangible asset are met.
During the year ended 31 December 2025, Appear recognised intangible assets arising from internal development expenses of new platforms and technological upgrades with demonstrated technical and commercial feasibility.
In the year ended 31 December 2025, technological development expenditure totalling 66.2 million were capitalised. . The investments related to intangible assets arising from capitalisation of technological development expenditure , comprising capitalisation of employee benefit expenses NOK 58.5 (nil) million, allocation of shared overheads NOK 6.3 (nil) million and directly attributable expenditure of NOK 1.4 (nil) million. The technological development expenditure is held as assets under construction until the project is completed and the asset is ready for its intended use, at this point the amortisation of the intangible assets commences. The expected commercial lifetime of the projects typically ranges from three to five years.
Development expenses incurred prior to meeting the requirements for capitalization and expenses incurred after completing development to maintain the intangible asset are expensed as incurred.
Research and development expenditure (excluding employee benefit costs) that was expensed during the year ended 31 December 2025 amounted to NOK 3.5 million (31 December 2024: NOK 1.8 million). These were included in other operating expenses in the Consolidated statement of comprehensive income.
Internal development costs were previously expensed as incurred, and the capitalisation has therefore contributed materially to the improvement in reported earnings for the year.
| Trademarks | Software | Capitalised technological development costs | Total |
|---|
| Intangible assets | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Balance at 1 January 2024 |
|---|
| Cost | 322 | 1,259 | - | 1,581 |
|---|
| Accumulated amortisation | - | (559) | - | (559) |
|---|
| Net book value at 1 January 2024 | 322 | 700 | - | 1,022 |
|---|
| Year ended 31 December 2024 |
|---|
| Opening net book value | 322 | 700 | - | 1,022 |
|---|
| Additions | - | - | - | - |
|---|
| Amortisation charge for year | - | (151) | - | (151) |
|---|
| Net book value at 31 December 2024 | 322 | 549 | - | 871 |
|---|
| Balance at 31 December 2024 |
|---|
| Cost | 322 | 1,259 | - | 1,581 |
|---|
| Accumulated amortisation | - | (710) | - | (710) |
|---|
| Net book value at 31 December 2024 | 322 | 549 | - | 871 |
|---|
| Year ended 31 December 2025 |
|---|
| Opening net book value | 322 | 549 | - | 871 |
|---|
| Additions | - | - | 66,237 | 66,237 |
|---|
| Amortisation charge for year | - | (126) | (977) | (1,103) |
|---|
| Net book value at 31 December 2025 | 322 | 423 | 65,259 | 66,005 |
|---|
| Balance at 31 December 2025 |
|---|
| Cost | 322 | 1,259 | 66,237 | 67,818 |
|---|
| Accumulated amortisation | - | (836) | (977) | (1,813) |
|---|
| Net book value at 31 December 2025 | 322 | 423 | 65,259 | 66,005 |
|---|
Accounting estimates \u2013 useful lives and amortisation methods
The following amortisation methods and useful lives have been identified for each of the class of intangible assets identified in the Group:
| Trademarks | Software | Capitalised technology development costs |
|---|
| Amortisation method | - | Straight line | Straight line |
|---|
| Useful life | Indefinite | 3 - 5 years | 3-5 years |
|---|
The Group reviews useful life of its intangible assets at least at each period end, considering factors such as their obsolescence.
Accounting estimates \u2013 useful lives and amortisation methods
The following amortisation methods and useful lives have been identified for each of the class of intangible assets identified in the Group:
| Trademarks | Software | Capitalised technology development costs |
|---|
| Amortisation method | - | Straight line | Straight line |
|---|
| Useful life | Indefinite | 3 - 5 years | 3-5 years |
|---|
The Group reviews useful life of its intangible assets at least at each period end, considering factors such as their obsolescence.
Capitalised technological development costs
Appear has in recent years incurred significant research and development costs. Research costs are expensed as incurred, while development costs are expensed unless recognition criteria for capitalising as an intangible asset are met.
During the year ended 31 December 2025, Appear recognised intangible assets arising from internal development expenses of new platforms and technological upgrades with demonstrated technical and commercial feasibility.
In the year ended 31 December 2025, technological development expenditure totalling 66.2 million were capitalised. . The investments related to intangible assets arising from capitalisation of technological development expenditure , comprising capitalisation of employee benefit expenses NOK 58.5 (nil) million, allocation of shared overheads NOK 6.3 (nil) million and directly attributable expenditure of NOK 1.4 (nil) million. The technological development expenditure is held as assets under construction until the project is completed and the asset is ready for its intended use, at this point the amortisation of the intangible assets commences. The expected commercial lifetime of the projects typically ranges from three to five years.
Development expenses incurred prior to meeting the requirements for capitalization and expenses incurred after completing development to maintain the intangible asset are expensed as incurred.
Research and development expenditure (excluding employee benefit costs) that was expensed during the year ended 31 December 2025 amounted to NOK 3.5 million (31 December 2024: NOK 1.8 million). These were included in other operating expenses in the Consolidated statement of comprehensive income.
Internal development costs were previously expensed as incurred, and the capitalisation has therefore contributed materially to the improvement in reported earnings for the year.
| Trademarks | Software | Capitalised technological development costs | Total |
|---|
| Intangible assets | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Balance at 1 January 2024 |
|---|
| Cost | 322 | 1,259 | - | 1,581 |
|---|
| Accumulated amortisation | - | (559) | - | (559) |
|---|
| Net book value at 1 January 2024 | 322 | 700 | - | 1,022 |
|---|
| Year ended 31 December 2024 |
|---|
| Opening net book value | 322 | 700 | - | 1,022 |
|---|
| Additions | - | - | - | - |
|---|
| Amortisation charge for year | - | (151) | - | (151) |
|---|
| Net book value at 31 December 2024 | 322 | 549 | - | 871 |
|---|
| Balance at 31 December 2024 |
|---|
| Cost | 322 | 1,259 | - | 1,581 |
|---|
| Accumulated amortisation | - | (710) | - | (710) |
|---|
| Net book value at 31 December 2024 | 322 | 549 | - | 871 |
|---|
| Year ended 31 December 2025 |
|---|
| Opening net book value | 322 | 549 | - | 871 |
|---|
| Additions | - | - | 66,237 | 66,237 |
|---|
| Amortisation charge for year | - | (126) | (977) | (1,103) |
|---|
| Net book value at 31 December 2025 | 322 | 423 | 65,259 | 66,005 |
|---|
| Balance at 31 December 2025 |
|---|
| Cost | 322 | 1,259 | 66,237 | 67,818 |
|---|
| Accumulated amortisation | - | (836) | (977) | (1,813) |
|---|
| Net book value at 31 December 2025 | 322 | 423 | 65,259 | 66,005 |
|---|
Note 11. Right-of-use assets and lease liabilities
11.1. Nature of lessee\u2019s leasing activities
The Group\u2019s leasing activities mainly relate to office buildings. Additionally, the Group also leases IT equipment, furniture, and other small equipment, which are typically classified as short-term and/or low value leases.
Right-of-use assets
The right-of-use assets are initially measured at cost. Subsequently, right-of-use assets are measured at cost less accumulated depreciation and impairments and adjusted for certain remeasurements of the lease liabilities. Depreciation of the right-of-use asset is carried out using the straight-line method over the shorter of the lease term or the useful life of the underlying asset.
Lease liabilities
Lease liabilities are recognised at the lease commencement date. The lease liabilities are measured as the present value of future lease payments, discounting by the Group\u2019s incremental borrowing rate.
Lease liabilities are measured at amortized cost using the effective interest rate method.
Extension options are included in a number of property leases across the group. These are used to maximise operational flexibility in terms of managing the assets used in the group\u2019s operations.
Short-term and low value leases
Except for its office buildings, the Group concludes the rest of the leases to meet the low value threshold, for which the Group elects to not account for right-of-use assets and lease liabilities.
Non-lease components
Non-lease components are separated from lease components in the Group and therefore not being considered in the estimation of the right-of-use assets and lease liabilities.
11.2. Right-of-use assets
The Group\u2019s right-of-use assets only pertain to its office buildings, and presented the following movements:
| 2025 | 2024 |
|---|
| Right-of-use assets | NOK '000 | NOK '000 |
|---|
| Balance at 1 January |
|---|
| Cost | 71,503 | 21,873 |
|---|
| Accumulated depreciation | (22,850) | (14,522) |
|---|
| Net book value at 1 January | 48,653 | 7,351 |
|---|
| Movement in right-of-use asset |
|---|
| Opening net book value | 48,653 | 7,351 |
|---|
| Additions | 14,538 | 49,337 |
|---|
| Depreciation charge for year | (8,542) | (8,215) |
|---|
| Exchange differences | (507) | 180 |
|---|
| Net book value at 31 December | 54,142 | 48,653 |
|---|
| Balance at 31 December |
|---|
| Cost | 65,750 | 71,503 |
|---|
| Accumulated depreciation | (11,607) | (22,850) |
|---|
| Net book value at 31 December | 54,142 | 48,653 |
|---|
11.3. Lease liabilities
The Group\u2019s lease liabilities and movements during the year are provided in the table below:
| 2025 | 2024 |
|---|
| Lease liabilities | NOK '000 | NOK '000 |
|---|
| Lease liabilites at 1 January | 53,069 | 7,749 |
|---|
| Additions | 14,538 | 49,337 |
|---|
| Interest expense on lease liabilities | 3,998 | 3,020 |
|---|
| Repayment of lease liabilities (principal and interest) | (8,969) | (7,224) |
|---|
| Exchange differences | (530) | 187 |
|---|
| Lease liabilites at 31 December | 62,106 | 53,069 |
|---|
| Analysed as: |
|---|
| Non-current | 53,465 | 48,886 |
|---|
| Current | 8,642 | 4,183 |
|---|
| Lease liabilites at 31 December | 62,106 | 53,069 |
|---|
11.4. Maturity analysis:
Disclosures on the maturity of lease liabilities are provided in the table below:
| 2025 | 2024 |
|---|
| Lease liabilities contractual maturities | NOK '000 | NOK '000 |
|---|
| Within 1 year | 12,478 | 8,313 |
|---|
| Between 1 and 3 years | 23,844 | 19,016 |
|---|
| More than 3 years | 39,588 | 39,840 |
|---|
| Total contractual cash flows | 75,910 | 67,169 |
|---|
| Less: impact of discounting | (13,804) | (14,100) |
|---|
| Recognised as lease liabilities | 62,106 | 53,069 |
|---|
11.5. Lease related expenditure recognised in the consolidated statement of comprehensive income
| 2025 | 2024 |
|---|
| Lease related expenditure recognised in the statement of comprehensive income | NOK '000 | NOK '000 |
|---|
| Expenses relating to short-term and low value leases | 685 | 1,475 |
|---|
| Depreciation expense on right-of use assets | 8,542 | 8,215 |
|---|
| Interest expense on lease liabilities | 3,998 | 3,020 |
|---|
| Total Lease related expenditure recognised in the statement of comprehensive income | 13,225 | 12,710 |
|---|
11.1. Nature of lessee\u2019s leasing activities
The Group\u2019s leasing activities mainly relate to office buildings. Additionally, the Group also leases IT equipment, furniture, and other small equipment, which are typically classified as short-term and/or low value leases.
Right-of-use assets
The right-of-use assets are initially measured at cost. Subsequently, right-of-use assets are measured at cost less accumulated depreciation and impairments and adjusted for certain remeasurements of the lease liabilities. Depreciation of the right-of-use asset is carried out using the straight-line method over the shorter of the lease term or the useful life of the underlying asset.
Lease liabilities
Lease liabilities are recognised at the lease commencement date. The lease liabilities are measured as the present value of future lease payments, discounting by the Group\u2019s incremental borrowing rate.
Lease liabilities are measured at amortized cost using the effective interest rate method.
Extension options are included in a number of property leases across the group. These are used to maximise operational flexibility in terms of managing the assets used in the group\u2019s operations.
Short-term and low value leases
Except for its office buildings, the Group concludes the rest of the leases to meet the low value threshold, for which the Group elects to not account for right-of-use assets and lease liabilities.
Non-lease components
Non-lease components are separated from lease components in the Group and therefore not being considered in the estimation of the right-of-use assets and lease liabilities.
Note 12. Inventories
Inventories held by, and controlled by, the Group is categorized between raw materials and components used in the media processing and delivery platform and finished goods representing completed media processing and delivery platforms.
Inventories are stated at the lower of cost and net realisable value.
Cost of inventories for the Group comprises the purchase cost of raw material and components and where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition (for example transportation costs). Cost of inventory is assigned based on the First In, First Out (FIFO), that assumes that inventory, raw materials, or components acquired first were sold first, with its associated costs being recognised in raw materials and consumables used.
Net realisable value represents the estimated selling price less all estimated costs of completion and the estimated costs necessary to make the sale, for example, costs to be incurred in marketing, selling and distribution.
The following table illustrates the different classes of inventory held by the Group, and cost of materials:
| 2025 | 2024 |
|---|
| Inventories | NOK '000 | NOK '000 |
|---|
| Raw materials and components | 38,131 | 44,808 |
|---|
| Finished Goods | 11,889 | 2,158 |
|---|
| Provision for inventory obsolescence | (3,443) | (2,971) |
|---|
| Total Inventories | 46,577 | 43,995 |
|---|
Amounts recognised in the statement of comprehensive income
Inventories recognised as an expense during the year ended 31 December 2025 amounted to
NOK 204.5 million (31 December 2024: NOK 167.8 million). These were reported in raw materials and consumables used, together with the impact of U.S. tariffs which increased our cost of goods sold, in the Consolidated statement of comprehensive income.
Provisions for inventory obsolescence represent write downs of inventories to net realisable value amounted to NOK 0.5 million (31 December 2024: NOK 0.2 million). These were recognised as an expense during the year ended 31 December 2025 and included in other expenses in the Consolidated statement of comprehensive income.
Note 13. Trade receivables
Trade receivables in the Group are measured at its amortized cost and reduced by the expected credit losses following the simplified approach under IFRS 9. Therefore, the Group does not follow up changes in credit risk and recognise expected lifetime losses at each reporting date.
The Company, when assessing trade receivables and other current assets for expected credit losses, considers its historical default experience, adjusted by forward-looking information of its customers, industry, and expectations of future collection problems, taking into account credit risk characteristics and days past due.
An expected credit loss reserve has been recognised for estimated irrecoverable amounts from the sale of product and services of NOK 1.4 million (31 December 2024: NOK 0.8 million).
| 2025 | 2024 |
|---|
| Trade receivables | NOK '000 | NOK '000 |
|---|
| Trade recevables | 110,232 | 83,056 |
|---|
| Allowance for expected credit losses | (1,393) | (808) |
|---|
| Total Trade receivables | 108,839 | 82,248 |
|---|
Note 13. Trade receivables
Trade receivables in the Group are measured at its amortized cost and reduced by the expected credit losses following the simplified approach under IFRS 9. Therefore, the Group does not follow up changes in credit risk and recognise expected lifetime losses at each reporting date.
The Company, when assessing trade receivables and other current assets for expected credit losses, considers its historical default experience, adjusted by forward-looking information of its customers, industry, and expectations of future collection problems, taking into account credit risk characteristics and days past due.
An expected credit loss reserve has been recognised for estimated irrecoverable amounts from the sale of product and services of NOK 1.4 million (31 December 2024: NOK 0.8 million).
| 2025 | 2024 |
|---|
| Trade receivables | NOK '000 | NOK '000 |
|---|
| Trade recevables | 110,232 | 83,056 |
|---|
| Allowance for expected credit losses | (1,393) | (808) |
|---|
| Total Trade receivables | 108,839 | 82,248 |
|---|
Note 13. Trade receivables
Trade receivables in the Group are measured at its amortized cost and reduced by the expected credit losses following the simplified approach under IFRS 9. Therefore, the Group does not follow up changes in credit risk and recognise expected lifetime losses at each reporting date.
The Company, when assessing trade receivables and other current assets for expected credit losses, considers its historical default experience, adjusted by forward-looking information of its customers, industry, and expectations of future collection problems, taking into account credit risk characteristics and days past due.
An expected credit loss reserve has been recognised for estimated irrecoverable amounts from the sale of product and services of NOK 1.4 million (31 December 2024: NOK 0.8 million).
| 2025 | 2024 |
|---|
| Trade receivables | NOK '000 | NOK '000 |
|---|
| Trade recevables | 110,232 | 83,056 |
|---|
| Allowance for expected credit losses | (1,393) | (808) |
|---|
| Total Trade receivables | 108,839 | 82,248 |
|---|
Note 14. Other current assets
| 2025 | 2024 |
|---|
| Other current assets | NOK '000 | NOK '000 |
|---|
| Other receivables | 8,898 | 17,508 |
|---|
| Other current assets | 615 | 11,588 |
|---|
| Prepaid exenses | 35,858 | 8,867 |
|---|
| Total Other current assets | 45,372 | 37,963 |
|---|
Note 14. Other current assets
| 2025 | 2024 |
|---|
| Other current assets | NOK '000 | NOK '000 |
|---|
| Other receivables | 8,898 | 17,508 |
|---|
| Other current assets | 615 | 11,588 |
|---|
| Prepaid exenses | 35,858 | 8,867 |
|---|
| Total Other current assets | 45,372 | 37,963 |
|---|
Note 15. Cash and cash equivalents
The Group\u2019s Cash and cash equivalents include cash, bank deposits, and short-term investments which immediately and with minimal exchange risk can be converted into known cash amounts, that have a maturity of three months or less and that are held for the purpose of meeting short-term cash commitments. Other short-term investments are accounted for as financial instruments with changes to fair value over profit and loss\u201d
The Group\u2019s cash and cash equivalents can be disaggregated as follows:
| 2025 | 2024 |
|---|
| Cash and cash equivalents | NOK '000 | NOK '000 |
|---|
| Restricted cash |
|---|
| - Withheld employee taxes | 6,924 | 5,698 |
|---|
| - Deposit accounts | 7,192 | 4,661 |
|---|
| Unrestricted cash | 46,374 | 86,466 |
|---|
| Total Cash and cash equivalents | 60,490 | 96,825 |
|---|
Cash and cash equivalents include restricted cash of NOK 14.1 million relating to deposit accounts and withheld employee taxes (31 December 2024 NOK 10.3 million).
Note 15. Cash and cash equivalents
The Group\u2019s Cash and cash equivalents include cash, bank deposits, and short-term investments which immediately and with minimal exchange risk can be converted into known cash amounts, that have a maturity of three months or less and that are held for the purpose of meeting short-term cash commitments. Other short-term investments are accounted for as financial instruments with changes to fair value over profit and loss\u201d
The Group\u2019s cash and cash equivalents can be disaggregated as follows:
| 2025 | 2024 |
|---|
| Cash and cash equivalents | NOK '000 | NOK '000 |
|---|
| Restricted cash |
|---|
| - Withheld employee taxes | 6,924 | 5,698 |
|---|
| - Deposit accounts | 7,192 | 4,661 |
|---|
| Unrestricted cash | 46,374 | 86,466 |
|---|
| Total Cash and cash equivalents | 60,490 | 96,825 |
|---|
Cash and cash equivalents include restricted cash of NOK 14.1 million relating to deposit accounts and withheld employee taxes (31 December 2024 NOK 10.3 million).
Note 15. Cash and cash equivalents
The Group\u2019s Cash and cash equivalents include cash, bank deposits, and short-term investments which immediately and with minimal exchange risk can be converted into known cash amounts, that have a maturity of three months or less and that are held for the purpose of meeting short-term cash commitments. Other short-term investments are accounted for as financial instruments with changes to fair value over profit and loss\u201d
The Group\u2019s cash and cash equivalents can be disaggregated as follows:
| 2025 | 2024 |
|---|
| Cash and cash equivalents | NOK '000 | NOK '000 |
|---|
| Restricted cash |
|---|
| - Withheld employee taxes | 6,924 | 5,698 |
|---|
| - Deposit accounts | 7,192 | 4,661 |
|---|
| Unrestricted cash | 46,374 | 86,466 |
|---|
| Total Cash and cash equivalents | 60,490 | 96,825 |
|---|
Cash and cash equivalents include restricted cash of NOK 14.1 million relating to deposit accounts and withheld employee taxes (31 December 2024 NOK 10.3 million).
Note 16. Trade payables
Trade payables are unsecured and are usually paid within 30 days of recognition.
The carrying amounts of trade and other payables are considered to be reasonable approximations of their fair values, due to their short-term nature.
| 2025 | 2024 |
|---|
| Trade payables | NOK '000 | NOK '000 |
|---|
| Trade payables | 34,098 | 13,541 |
|---|
| Total Trade payables | 34,098 | 13,541 |
|---|
Note 17. Other current liabilities
The Group presents refund liabilities separately from contract liabilities included in note 3.3.
Contract liabilities includes revenue relating to technical support services which is recognised over an agreed service period although the customer typically pays up-front in full for these services. A contract liability is recognised for revenue relating to the technical support services at the time of the initial sales transaction and is released over the agreed service period.
| 2025 | 2024 |
|---|
| Other current liabilities | NOK '000 | NOK '000 |
|---|
| Accrued personnel expenses | 41,555 | 39,818 |
|---|
| Public duties payable | 23,447 | 16,633 |
|---|
| Contract liabilities | 30,770 | 39,805 |
|---|
| Other current liabilities | 10,751 | 7,410 |
|---|
| Total Other current liabilities | 106,523 | 103,666 |
|---|
Note 18. Other non current liabilities
The Group presents below the contract liabilities for revenue relating to technical support services where the performance obligation will be delivered in at least one years time.
| 2025 | 2024 |
|---|
| Other non current liabilities | NOK '000 | NOK '000 |
|---|
| Contract liabilities | 16,243 | - |
|---|
| Total Other non current liabilities | 16,243 | - |
|---|
Note 19. Provision
The Group\u2019s provisions mainly relate warranty provisions. Other provisions mainly relate to compensation to the Group\u2019s primary vendor in relation to obsolete inventory ordered by the vendor and is not utilized by the Group. As of 31 December 2025, no such provision was made (31 December 2024: Nil).
Provisions for warranties
Provisions for warranties are measured based on Management\u2019s best estimate at the end of each reporting period. The amount of warranty provisions is based on an expected value model, where the Group uses historical information and current information about known or detected defects. Warranty provisions are considered for the whole population of goods sold and subject to warranty provisions, adjusting for known or expected cases affecting specific groups of goods (by series, production time, or any other applicable grouping).
Other provisions
Provisions are made when there is a present legal or constructive obligation, an outflow of resources is probable and a reliable estimate can be made. Provisions are measured using management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value.
| Warranty provision | Other
provisions | Total |
|---|
| Provisions | NOK '000 | NOK '000 | NOK '000 |
|---|
| Year ended 31 December 2024 |
|---|
| At 1 January 2024 | 5,638 | - | 5,638 |
|---|
| Provisions recognised/(utilized) during the year | (3,209) | - | (3,209) |
|---|
| Unwinding of discount on provisions | - | - | - |
|---|
| At 31 December 2024 | 2,429 | - | 2,429 |
|---|
| Analysed as: |
|---|
| Non-current | - | - | - |
|---|
| Current | 2,429 | - | 2,429 |
|---|
| At 31 December 2024 | 2,429 | - | 2,429 |
|---|
| Year ended 31 December 2025 |
|---|
| At 1 January 2025 | 2,429 | - | 2,429 |
|---|
| Provisions recognised/(utilized) during the year | (339) | - | (339) |
|---|
| Unwinding of discount on provisions | - | - | - |
|---|
| At 31 December 2025 | 2,090 | - | 2,090 |
|---|
| Analysed as: |
|---|
| Non-current | - | - | - |
|---|
| Current | 2,090 | - | 2,090 |
|---|
| At 31 December 2025 | 2,090 | - | 2,090 |
|---|
Note 20. Financial instruments
This note contains an overview of the Group\u2019s financial assets and liabilities. The financial instruments\u2019 amortized cost is considered to be a close approximation to their fair value.
20.1. Financial assets
| 2025 | 2024 |
|---|
| Financial assets | NOK '000 | NOK '000 |
|---|
| Financial assets at amortised cost: | 169,329 | 179,073 |
|---|
| Trade receivables | 108,839 | 82,248 |
|---|
| Cash and cash equivalents | 60,490 | 96,825 |
|---|
| Financial assets at fair value: | 438,608 | 133,611 |
|---|
| Financial assets at fair value through profit or loss | 438,608 | 133,611 |
|---|
| Total Financial assets | 607,938 | 312,684 |
|---|
Financial assets at fair value through profit or loss.
Appear holds investments in money market funds classified as financial assets at fair value through profit or loss. The money market funds are valued based on quoted prices in active markets for the underlying securities. As such, the investments are categorised within Level 2 of the fair value hierarchy. Unrealised gains and losses on money market funds classified at fair value through profit or loss are included in net finance income and finance expenses.
As of 31 December 2025, NOK 438.6 million (31 December 2024 NOK 133.6 million) in excess liquidity were held in short-term liquidity and interest rate funds. During the financial year ended 31 December 2025 NOK 325.0 (31 December 2024: NOK 40.0 million) million was deposited into money market funds, with NOK 40 million (31 December 2024: Nil) withdrawn to cover working capital requirements in July.
Derivative financial instruments
Appear has historically not hedged against currency exposure, however, in 2025 the Group used forward exchange contracts in four instances to lock the foreign currency rate at receipt of large sales orders. On 31 December 2025 there was no outstanding forward contract (31 December 2024: nil). Accordingly, there were no unrealised fair value gains or losses.
The fair value of the forward exchange contracts is determined using observable forward rates and discounted cash flow techniques. As such, the financial instruments are categorised within Level 2 of the fair value hierarchy. Unrealised gains and losses on financial instruments are recognised in net finance income and finance expenses.
Contractual maturities for financial assets
The Group is using a combination of the cash inflows from the financial assets and the available bank facilities to manage the liquidity.
The Group expects to meet its other obligations from operating cash flows and proceeds of maturing financial assets.
The table below presents the contractual maturities from financial assets:
| Less than one year | Between one and three years | More than three years | Impact of discounting | Total |
|---|
| Contractual maturities for financial assets | NOK '000 | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Year ended 31 December 2025 |
|---|
| Trade receivables | 108,839 | - | - | - | 108,839 |
|---|
| Cash and cash equivalents | 60,490 | - | - | - | 60,490 |
|---|
| Financial assets at fair value through profit or loss | 438,608 | - | - | - | 438,608 |
|---|
| Total Contractual maturities for financial assets | 607,938 | - | - | - | 607,938 |
|---|
| Year ended 31 December 2024 |
|---|
| Trade receivables | 82,248 | - | - | - | 82,248 |
|---|
| Cash and cash equivalents | 96,825 | - | - | - | 96,825 |
|---|
| Financial assets at fair value through profit or loss | 133,611 | - | - | - | 133,611 |
|---|
| Total Contractual maturities for financial assets | 312,684 | - | - | - | 312,684 |
|---|
20.2. Financial liabilities
| 2025 | 2024 |
|---|
| Financial liabilities | NOK '000 | NOK '000 |
|---|
| Financial liabilities at amortised cost: |
|---|
| Trade payables | 34,098 | 13,541 |
|---|
| Other liabilities | 122,767 | 103,666 |
|---|
| Lease liabilities | 62,106 | 53,069 |
|---|
| Total Financial liabilities | 218,971 | 170,276 |
|---|
Contractual maturities for financial liabilities
The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
Contractual maturities of lease liabilities are disclosed in Note 11.4.
| Less than one year | Between one and three years | More than three years | Impact of discounting | Total |
|---|
| Contractual maturities for financial liabilities | NOK '000 | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Year ended 31 December 2025 |
|---|
| Trade payables | 34,098 | - | - | - | 34,098 |
|---|
| Other liabilities | 106,524 | 16,243 | - | | 122,767 |
|---|
| Lease liabilities | 12,478 | 23,844 | 39,588 | (13,804) | 62,106 |
|---|
| Total Contractual maturities for financial liabilities | 153,099 | 40,087 | 39,588 | (13,804) | 218,971 |
|---|
| Year ended 31 December 2024 |
|---|
| Trade payables | 13,541 | - | - | - | 13,541 |
|---|
| Other liabilities | 103,666 | - | - | - | 103,666 |
|---|
| Lease liabilities | 8,313 | 19,016 | 39,841 | (14,100) | 53,069 |
|---|
| Total Contractual maturities for financial liabilities | 125,520 | 19,016 | 39,841 | (14,100) | 170,276 |
|---|
Financial assets at fair value through profit or loss.
Appear holds investments in money market funds classified as financial assets at fair value through profit or loss. The money market funds are valued based on quoted prices in active markets for the underlying securities. As such, the investments are categorised within Level 2 of the fair value hierarchy. Unrealised gains and losses on money market funds classified at fair value through profit or loss are included in net finance income and finance expenses.
As of 31 December 2025, NOK 438.6 million (31 December 2024 NOK 133.6 million) in excess liquidity were held in short-term liquidity and interest rate funds. During the financial year ended 31 December 2025 NOK 325.0 (31 December 2024: NOK 40.0 million) million was deposited into money market funds, with NOK 40 million (31 December 2024: Nil) withdrawn to cover working capital requirements in July.
Financial assets at fair value through profit or loss.
Appear holds investments in money market funds classified as financial assets at fair value through profit or loss. The money market funds are valued based on quoted prices in active markets for the underlying securities. As such, the investments are categorised within Level 2 of the fair value hierarchy. Unrealised gains and losses on money market funds classified at fair value through profit or loss are included in net finance income and finance expenses.
As of 31 December 2025, NOK 438.6 million (31 December 2024 NOK 133.6 million) in excess liquidity were held in short-term liquidity and interest rate funds. During the financial year ended 31 December 2025 NOK 325.0 (31 December 2024: NOK 40.0 million) million was deposited into money market funds, with NOK 40 million (31 December 2024: Nil) withdrawn to cover working capital requirements in July.
Note 21. Financial instrument risks and capital management
21.1. Financial instrument risks and capital management
This note covers financial instrument risks (credit risk, liquidity risk, interest rate risk and foreign currency risk) to which the Group is exposed, how the risks arise and how the Group manages these risks. The Group has a financial risk management policy and senior management oversees the management of these risks.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Group by failing to discharge an obligation, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and fund investments.
Trade receivables
Credit risk is mainly concentrated in the Group\u2019s trade receivables with customers. The customer base consists of well-established and solvent companies and there is limited concentration of credit risk in terms of geography or customer segment. To manage credit risk, the Group\u2019s financial risk management policy includes guidelines and procedures for credit checks, terms of payment, overdue receivables and the assessment of financial stability of customers, their economic environments and exposure to macroeconomic changes. Carrying amounts for trade receivables are disclosed in note 13.
Cash and cash equivalents and investments in funds
The Group is exposed to credit risk through placement of cash and cash equivalents with financial institutions and through investing excess liquidity in money market and equity funds. The policy is to only invest cash and cash equivalents in financial institutions with a summary risk indicator of 1 (SRI 1), being the lowest risk, and to spread deposits across several institutions and instruments to avoid concentration of credit risk. Carrying amounts of investments in money market and equity funds are disclosed in note 20.1.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.
The Group\u2019s liquidity trends are followed up on a monthly basis and liquidity forecasts are drawn up regularly. The Group\u2019s financial liabilities are mainly accounts payables with suppliers, lease obligations and public duties payable. Main source of funding is cash flow from operations.
The Group does not hold any interest-bearing liabilities or overdraft facilities with financial institutions but assess from time to time the relevance of such facilities. Cash deposits are held at banks and excess liquidity is invested in money market and equity funds to reflect the capital requirements of the company.
Carrying amounts of trade payables are disclosed in note 16. Carrying amounts of investments in liquidity and interest rate funds are disclosed in note 20.1.
Market risk
Market risk for the Group is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk for the Group comprises two types of risk: foreign currency risk and interest rate risk.
Interest rate risk
Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk from bank deposits and investment in money market funds. The Group considers that the exposure to interest rate risk is low as the investments held in money market funds have relatively short maturities.
As of 31 December 2025 and 31 December 2024, the Group had no floating rate borrowings.
Foreign currency risk
Foreign currency risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
The Group has most of its sales denominated in EUR, USD and GBP. Purchasing of components is predominantly in NOK. Trade receivables are thereby denominated in EUR, USD and GBP and trade payables in NOK.
Carrying amounts of trade receivables and trade payables are disclosed in note 13 and 16 respectively.
The Group is thereby exposed to currency risk mainly from trade receivables where the functional currency of a company in the Group is different from the currency in which the receivables will be paid.
Currency risks are managed in accordance with the finance policy. Appear has historically not hedged against currency exposure, however, in 2025 the Group used forward exchange contracts in four instances to lock the foreign currency rate at receipt of large sales orders.
The following table presents the Group\u2019s sensitivity to reasonably possible changes in exchange rates for the most material currencies in the Group, including the financial instruments on 31 December that are denominated in foreign currency:
| 2025 | 2024 |
|---|
| Sensitivity of changes in foreign currency rates | NOK '000 | NOK '000 |
|---|
| 10% increase in amount of NOK per: |
|---|
| USD | 8,604 | 3,367 |
|---|
| EUR | 2,857 | (1,767) |
|---|
| GBP | 238 | 947 |
|---|
| 10% decrease in amount of NOK per: |
|---|
| USD | (8,604) | (3,367) |
|---|
| EUR | (2,857) | 1,767 |
|---|
| GBP | (238) | (947) |
|---|
21.2. Capital management
The Group defines capital as equity, investment in working capital (inventories and trade receivables), bank deposits and fund investments. The Group\u2019s main objectives when managing capital is to ensure the ability of the Group to continue as a going concern, optimize return on investment, secure flexibility to capitalize on growth opportunities and to generate returns to shareholders in the form of dividends.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Group by failing to discharge an obligation, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and fund investments.
Trade receivables
Credit risk is mainly concentrated in the Group\u2019s trade receivables with customers. The customer base consists of well-established and solvent companies and there is limited concentration of credit risk in terms of geography or customer segment. To manage credit risk, the Group\u2019s financial risk management policy includes guidelines and procedures for credit checks, terms of payment, overdue receivables and the assessment of financial stability of customers, their economic environments and exposure to macroeconomic changes. Carrying amounts for trade receivables are disclosed in note 13.
Cash and cash equivalents and investments in funds
The Group is exposed to credit risk through placement of cash and cash equivalents with financial institutions and through investing excess liquidity in money market and equity funds. The policy is to only invest cash and cash equivalents in financial institutions with a summary risk indicator of 1 (SRI 1), being the lowest risk, and to spread deposits across several institutions and instruments to avoid concentration of credit risk. Carrying amounts of investments in money market and equity funds are disclosed in note 20.1.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.
The Group\u2019s liquidity trends are followed up on a monthly basis and liquidity forecasts are drawn up regularly. The Group\u2019s financial liabilities are mainly accounts payables with suppliers, lease obligations and public duties payable. Main source of funding is cash flow from operations.
The Group does not hold any interest-bearing liabilities or overdraft facilities with financial institutions but assess from time to time the relevance of such facilities. Cash deposits are held at banks and excess liquidity is invested in money market and equity funds to reflect the capital requirements of the company.
Carrying amounts of trade payables are disclosed in note 16. Carrying amounts of investments in liquidity and interest rate funds are disclosed in note 20.1.
Market risk
Market risk for the Group is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk for the Group comprises two types of risk: foreign currency risk and interest rate risk.
21.2. Capital management
The Group defines capital as equity, investment in working capital (inventories and trade receivables), bank deposits and fund investments. The Group\u2019s main objectives when managing capital is to ensure the ability of the Group to continue as a going concern, optimize return on investment, secure flexibility to capitalize on growth opportunities and to generate returns to shareholders in the form of dividends.
Note 22. Share Capital
22.1. Share capital and Share Premium
| | 2025 | 2024 | 2025 | 2024 |
|---|
| Share capital and share premium | Notes | Shares | Shares | NOK | NOK |
|---|
| Ordinary shares |
|---|
| Fully paid | 22.2 | 41,217,000 | 7,943,400 | 110,469,105 | 15,239,636 |
|---|
| Total share capital and share premium | | 41,217,000 | 7,943,400 | 110,469,105 | 15,239,636 |
|---|
| Less: Treasury shares | 22.3 | (621,205) | (433,466) | - | - |
|---|
| Outstanding share capital and share premium | | 40,595,795 | 7,509,934 | 110,469,105 | 15,239,636 |
|---|
22.2. Issue of Ordinary Shares
The table below outlines the development in the Company's share capital since 1 January 2025 and showing the impact of the bonus issue on 9 October 2025 and listing on the Euronext Securities on 6 November 2025.
| Movements in Share capital and share premium | Notes | Number of
Ordinary
Shares | Par value
of Shares
NOK | Share
capital
NOK | Share
premium
NOK | Total
NOK |
|---|
| At 1 January 2024 | | 7,943,400 | 0.10 | 794,340 | 14,445,296 | 15,239,636 |
|---|
| At 31 December 2024 | | 7,943,400 | 0.10 | 794,340 | 14,445,296 | 15,239,636 |
|---|
| At 1 January 2025 | | 7,943,400 | 0.10 | 794,340 | 14,445,296 | 15,239,636 |
|---|
| Bonus issue | | - | 0.15 | 397,170 | (397,170) | - |
|---|
| Share split (1:5) | | 31,773,600 | 0.03 | - | - | - |
|---|
| Share Issue | | 1,500,000 | 0.03 | 45,000 | 95,184,469 | 95,229,469 |
|---|
| At 31 December 2025 | | 41,217,000 | 0.03 | 1,236,510 | 109,232,595 | 110,469,105 |
|---|
On 9 October 2025 the Company\u2019s share capital increased from NOK 794,340 by NOK 397,170 to NOK 1,191,510 by an increase of the shares' nominal value from NOK 0.10 per share to NOK 0.15 per share, transferred from share premium. The Company\u2019s articles of association were amended to reflect the share capital increase.
On 6 November 2025 the company listed on the Euronext Securities Oslo, the Initial Public Offering raised gross proceeds of NOK 99.8 million through the issue of New Shares, equivalent to 1,500,000 New Shares. Nominal new share capital of 1,500,000 New Shares was issued at NOK 0.03 (par value per Share), amounting to NOK 45,000.
22.3. Treasury Shares
Treasury shares are shares in Appear ASA that are held for the purpose of issuing shares under the Appear ASA Company Bonus scheme and the executive short-term incentive plan (STIP) scheme. Shares issued to employees are recognised on a first-in-first-out basis.
| Movements in Treasury Shares | Notes | Number of Treasury
shares | Par value
of shares
NOK | Treasury
Shares
NOK |
|---|
| At 1 January 2024 | | (433,466) | 0.10 | (43,347) |
|---|
| Purchase of shares from existing shareholders | | (26,178) | 0.10 | (2,618) |
|---|
| Company bonus settled with shares | | 17,413 | 0.10 | 1,741 |
|---|
| At 31 December 2024 | | (442,231) | 0.10 | (44,223) |
|---|
| At 1 January 2025 | | (442,231) | 0.10 | (44,223) |
|---|
| Company bonus settled with shares | | 17,990 | 0.10 | 1,799 |
|---|
| Bonus issue | | - | 0.15 | (21,212) |
|---|
| Share split (1:5) | | (1,696,964) | 0.03 | - |
|---|
| Share Issue | | 1,500,000 | 0.03 | 45,000 |
|---|
| At 31 December 2025 | | (621,205) | 0.03 | (18,636) |
|---|
In connection with the Initial Public Offering, ABG Sundal Collier ASA over-allotted 1,500,000 shares to applicants in the Offering. ABG Sundal Collier ASA borrowed 1,500,000 shares from the Company, held as treasury shares, and ABG Sundal Collier ASA were granted an option to acquire the shares from the Company at a price per share of NOK 66.50 per share. The option was exercised in full on 15 November 2025, generating gross proceeds of NOK 99.8 million through the sale of treasury shares.
During the year ended 31 December 2025, the Company sold 17,990 ordinary shares (31 December 2024: sold 17,413 ordinary shares and re-purchased 26,178 ordinary shares from existing shareholders) in the Company for an aggregate amount of NOK 2.5 million (NOK 0.6 million).
As of 31 December 2025, the total number of treasury shares held by the Company was 621,205 shares (31 December 2024: 442 231 shares).
List of 20 largest shareholders at 31 December 2025
Appear ASA presents the following ownership structure at 31 December 2025:
| Ownership of Appear ASA by Shareholder | Number of shares | Ownership percentage |
|---|
| Accelerator Ltd | 15,575,250 | 38.4% |
|---|
| Sayonara As | 1,421,719 | 3.5% |
|---|
| Phika Ventures As | 1,262,224 | 3.1% |
|---|
| Kverva Finans As | 1,203,007 | 3.0% |
|---|
| John \u00d8ivind Saxeb\u00f8l | 1,191,245 | 2.9% |
|---|
| Verdipapirfondet Dnb Smb | 1,185,542 | 2.9% |
|---|
| Thomas Steenhoff Lind | 1,153,955 | 2.8% |
|---|
| Verdipapirfondet Storebrand Norge | 977,444 | 2.4% |
|---|
| Verdipapirfondet Alfred Berg Gamba | 866,000 | 2.1% |
|---|
| Folketrygdfondet | 752,439 | 1.9% |
|---|
| Verdipapirfondet Alfred Berg Norge | 628,072 | 1.5% |
|---|
| Halvard Brennum | 553,095 | 1.4% |
|---|
| Petter Martin J\u00f8rgensen | 514,300 | 1.3% |
|---|
| Svein Arvill Olsen | 508,417 | 1.3% |
|---|
| Anders Martin Hunstad | 450,270 | 1.1% |
|---|
| Verdipapirfondet Alfred Berg Norge | 418,939 | 1.0% |
|---|
| Enep As | 412,500 | 1.0% |
|---|
| Tom Erik Hagen | 380,800 | 0.9% |
|---|
| Meglerkonto Innland Dnb Bank Asa | 380,000 | 0.9% |
|---|
| The Northern Trust Comp, London Br | 361,025 | 0.9% |
|---|
Total number of ordinary shares owned by
20 largest shareholders | 30,196,243 | 73.5% |
|---|
| Other shareholders | 10,399,552 | 25.6% |
|---|
| Total number of outstanding shares | 40,595,795 | 100.0% |
|---|
| Treasury Shares held by Appear ASA | 621,205 | 1.5% |
|---|
22.2. Issue of Ordinary Shares
The table below outlines the development in the Company's share capital since 1 January 2025 and showing the impact of the bonus issue on 9 October 2025 and listing on the Euronext Securities on 6 November 2025.
| Movements in Share capital and share premium | Notes | Number of
Ordinary
Shares | Par value
of Shares
NOK | Share
capital
NOK | Share
premium
NOK | Total
NOK |
|---|
| At 1 January 2024 | | 7,943,400 | 0.10 | 794,340 | 14,445,296 | 15,239,636 |
|---|
| At 31 December 2024 | | 7,943,400 | 0.10 | 794,340 | 14,445,296 | 15,239,636 |
|---|
| At 1 January 2025 | | 7,943,400 | 0.10 | 794,340 | 14,445,296 | 15,239,636 |
|---|
| Bonus issue | | - | 0.15 | 397,170 | (397,170) | - |
|---|
| Share split (1:5) | | 31,773,600 | 0.03 | - | - | - |
|---|
| Share Issue | | 1,500,000 | 0.03 | 45,000 | 95,184,469 | 95,229,469 |
|---|
| At 31 December 2025 | | 41,217,000 | 0.03 | 1,236,510 | 109,232,595 | 110,469,105 |
|---|
On 9 October 2025 the Company\u2019s share capital increased from NOK 794,340 by NOK 397,170 to NOK 1,191,510 by an increase of the shares' nominal value from NOK 0.10 per share to NOK 0.15 per share, transferred from share premium. The Company\u2019s articles of association were amended to reflect the share capital increase.
On 6 November 2025 the company listed on the Euronext Securities Oslo, the Initial Public Offering raised gross proceeds of NOK 99.8 million through the issue of New Shares, equivalent to 1,500,000 New Shares. Nominal new share capital of 1,500,000 New Shares was issued at NOK 0.03 (par value per Share), amounting to NOK 45,000.
22.3. Treasury Shares
Treasury shares are shares in Appear ASA that are held for the purpose of issuing shares under the Appear ASA Company Bonus scheme and the executive short-term incentive plan (STIP) scheme. Shares issued to employees are recognised on a first-in-first-out basis.
| Movements in Treasury Shares | Notes | Number of Treasury
shares | Par value
of shares
NOK | Treasury
Shares
NOK |
|---|
| At 1 January 2024 | | (433,466) | 0.10 | (43,347) |
|---|
| Purchase of shares from existing shareholders | | (26,178) | 0.10 | (2,618) |
|---|
| Company bonus settled with shares | | 17,413 | 0.10 | 1,741 |
|---|
| At 31 December 2024 | | (442,231) | 0.10 | (44,223) |
|---|
| At 1 January 2025 | | (442,231) | 0.10 | (44,223) |
|---|
| Company bonus settled with shares | | 17,990 | 0.10 | 1,799 |
|---|
| Bonus issue | | - | 0.15 | (21,212) |
|---|
| Share split (1:5) | | (1,696,964) | 0.03 | - |
|---|
| Share Issue | | 1,500,000 | 0.03 | 45,000 |
|---|
| At 31 December 2025 | | (621,205) | 0.03 | (18,636) |
|---|
In connection with the Initial Public Offering, ABG Sundal Collier ASA over-allotted 1,500,000 shares to applicants in the Offering. ABG Sundal Collier ASA borrowed 1,500,000 shares from the Company, held as treasury shares, and ABG Sundal Collier ASA were granted an option to acquire the shares from the Company at a price per share of NOK 66.50 per share. The option was exercised in full on 15 November 2025, generating gross proceeds of NOK 99.8 million through the sale of treasury shares.
During the year ended 31 December 2025, the Company sold 17,990 ordinary shares (31 December 2024: sold 17,413 ordinary shares and re-purchased 26,178 ordinary shares from existing shareholders) in the Company for an aggregate amount of NOK 2.5 million (NOK 0.6 million).
As of 31 December 2025, the total number of treasury shares held by the Company was 621,205 shares (31 December 2024: 442 231 shares).
22.3. Treasury Shares
Treasury shares are shares in Appear ASA that are held for the purpose of issuing shares under the Appear ASA Company Bonus scheme and the executive short-term incentive plan (STIP) scheme. Shares issued to employees are recognised on a first-in-first-out basis.
| Movements in Treasury Shares | Notes | Number of Treasury
shares | Par value
of shares
NOK | Treasury
Shares
NOK |
|---|
| At 1 January 2024 | | (433,466) | 0.10 | (43,347) |
|---|
| Purchase of shares from existing shareholders | | (26,178) | 0.10 | (2,618) |
|---|
| Company bonus settled with shares | | 17,413 | 0.10 | 1,741 |
|---|
| At 31 December 2024 | | (442,231) | 0.10 | (44,223) |
|---|
| At 1 January 2025 | | (442,231) | 0.10 | (44,223) |
|---|
| Company bonus settled with shares | | 17,990 | 0.10 | 1,799 |
|---|
| Bonus issue | | - | 0.15 | (21,212) |
|---|
| Share split (1:5) | | (1,696,964) | 0.03 | - |
|---|
| Share Issue | | 1,500,000 | 0.03 | 45,000 |
|---|
| At 31 December 2025 | | (621,205) | 0.03 | (18,636) |
|---|
In connection with the Initial Public Offering, ABG Sundal Collier ASA over-allotted 1,500,000 shares to applicants in the Offering. ABG Sundal Collier ASA borrowed 1,500,000 shares from the Company, held as treasury shares, and ABG Sundal Collier ASA were granted an option to acquire the shares from the Company at a price per share of NOK 66.50 per share. The option was exercised in full on 15 November 2025, generating gross proceeds of NOK 99.8 million through the sale of treasury shares.
During the year ended 31 December 2025, the Company sold 17,990 ordinary shares (31 December 2024: sold 17,413 ordinary shares and re-purchased 26,178 ordinary shares from existing shareholders) in the Company for an aggregate amount of NOK 2.5 million (NOK 0.6 million).
As of 31 December 2025, the total number of treasury shares held by the Company was 621,205 shares (31 December 2024: 442 231 shares).
Note 23. Events occurring after the reporting period
Other subsequent events
The Board of Directors is not aware of any significant events that occurred after the reporting date, or any new information regarding existing matters, that can have a material effect on the 2025 financial report for the Group.
Note 24. Related party transactions
24.1. Remuneration to key management personnel
Key management personnel in the Group are comprised of the board of directors, and the executive management team (management).
| 2025 | 2024 |
|---|
| Remuneration to Board of Directors & Management | NOK '000 | NOK '000 |
|---|
| Salaries and Board fees | 17,667 | 12,848 |
|---|
| Short-term incentive plan | 8,300 | 7,834 |
|---|
| Pension expenses | 958 | 653 |
|---|
| Total Remuneration to Board of Directors & Management | 26,925 | 21,335 |
|---|
| Analysed as: |
|---|
| Remuneration to Board of Directors | 1,544 | 150 |
|---|
| Remuneration to Management | 25,381 | 21,185 |
|---|
| Total Remuneration to Board of Directors & Management | 26,925 | 21,335 |
|---|
24.2. Remuneration to board of directors
Remuneration to the board of directors for the financial year ended 31 December 2025 are set out in the table below:
| Board
fees | Audit Committee fees | Travel time allowance | Total |
|---|
| Remuneration to board of directors | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Terje Rogne | 408 | - | - | 408 |
|---|
| Arne Gr\u00e6e | 258 | 33 | 84 | 376 |
|---|
| Brita Eilertsen | 233 | 60 | - | 293 |
|---|
| Anette Willumsen | 233 | - | - | 233 |
|---|
| Kenneth Ragnvaldsen | 233 | - | - | 233 |
|---|
| Total Remuneration to board of directors | 1,367 | 93 | 84 | 1,544 |
|---|
Remuneration to the board of directors for the comparative financial year ended 31 December 2024 are set out in the table below:
| Board
fees | Audit Committee fees | Travel time allowance | Total |
|---|
| Remuneration to board of directors | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Terje Rogne | 75 | - | - | 75 |
|---|
| Arne Gr\u00e6e | 75 | - | - | 75 |
|---|
| Total Remuneration to board of directors | 150 | - | - | 150 |
|---|
As of 31 December 2025, the Group had no amounts outstanding in respect of remuneration payable to the board of directors (31 December 2024: NOK 125 thousand payable to Arne Gr\u00e6e).
In addition to the board fees paid above, chairman Arne Gr\u00e6e and board member Terje Rogne have received consultancy fees, these consultancy fees were not related to their roles as board members and were for consulting services. These consulting services were provided under management services agreements, through their 100% owned companies, and amounted to NOK 298 thousand and NOK 104 thousand respectively. These management service agreements were terminated in May 2025.
| 2025 | 2024 |
|---|
| Consultancy fees paid to board of directors through associated companies | NOK '000 | NOK '000 |
|---|
| Agra S.V.C. - an associated company 100 % owned by Arne Gr\u00e6e | 298 | 816 |
|---|
| Admaniha AS \u2013 an associated company 100 % owned by Terje Rogne | 104 | 238 |
|---|
| Total consultancy fees paid to board of directors through associated companies | 402 | 1,054 |
|---|
24.3. Remuneration to Executive Management Team
Executive Management Team (Management) consists of seven individuals including the chief executive officer (CEO), having authority and responsibility for planning, directing and controlling the activities of the Group.
Remuneration to management for the financial year ended 31 December 2025 are set out in the table below:
| Base
Salaries | Other short-term benefits | Short-term incentive plan | Pension expenses | Total |
|---|
| Remuneration to Management | NOK '000 | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Thomas Bostr\u00f8m J\u00f8rgensen | 3,353 | 80 | 2,794 | 102 | 6,329 |
|---|
| Per \u00d8yvind Stene | 2,200 | 52 | 1,161 | 102 | 3,515 |
|---|
| Alex Pannell | 3,159 | - | 2,014 | 253 | 5,425 |
|---|
| Daniella Gr\u00f8nne | 2,608 | - | 945 | 209 | 3,762 |
|---|
| Thomas Lind | 1,696 | 40 | 579 | 102 | 2,418 |
|---|
| Svein Sylta | 1,573 | 7 | 537 | 102 | 2,220 |
|---|
| Andrew Rayner | 1,322 | 32 | 269 | 89 | 1,711 |
|---|
| Total Remuneration to Management | 15,911 | 212 | 8,300 | 958 | 25,381 |
|---|
Remuneration to the board of directors for the comparative financial year ended 31 December 2024 are set out in the table below:
| Base
Salaries | Other short-term benefits | Short-term incentive plan | Pension expenses | Total |
|---|
| Remuneration to Management | NOK '000 | NOK '000 | NOK '000 | NOK '000 | NOK '000 |
|---|
| Thomas Bostr\u00f8m J\u00f8rgensen | 3,353 | 80 | 1,811 | 99 | 5,343 |
|---|
| Per \u00d8yvind Stene | - | - | - | - | - |
|---|
| Alex Pannell | 2,987 | - | 3,720 | 114 | 6,821 |
|---|
| Daniella Gr\u00f8nne | 1,067 | 25 | 363 | 66 | 1,521 |
|---|
| Thomas Lind | 1,498 | 7 | 509 | 97 | 2,111 |
|---|
| Svein Sylta | 1,259 | 30 | 151 | 79 | 1,519 |
|---|
| Andrew Rayner | 2,392 | - | 1,280 | 198 | 3,870 |
|---|
| Total Remuneration to Management | 12,556 | 142 | 7,834 | 653 | 21,185 |
|---|
As of 31 December 2025, the short-term incentive plan amount of NOK 8,300 thousand (2024: NOK 7,834 thousand) is recognised in accrued personnel expenses.
24.4. \tOther related party transactions
In January 2021, a loan amounting to NOK 16 428 thousand was given to the newly appointed CEO, through Phika Ventures AS, a company 100% owned by the CEO. During the financial year ended 31 December 2025, the loan was repaid in full (2024: NOK 14 299 thousand;).
Interest was charged on the outstanding loan balance during the financial year, amounting to NOK 534 thousand (2024: NOK 741 thousand), the interest was settled before the end of the financial year.
The Group had no other transactions or balances with related parties in the reporting period.