Opera Limited · NASDAQ:OPRA
Opera — Q1 2026 Earnings Presentation
35 slides from Opera's earnings presentation, Apr 28, 2026
Slide 1: Investor Presentation Q1 2026
OPERA April 2026 INVESTOR PRESENTATION Q1 2026
Slide 2: Safe Harbor Statement & Disclaimers
OPERA INVESTOR PRESENTATION / 2 April 2026 SAFE HARBOR STATEMENT & DISCLAIMERS This presentation has been prepared by Opera Limited (the “Company”) for investors, solely for informational purposes. This presentation contains “forward-looking” statements within the meaning of Section 27A of the Secur
Slide 3: Focused on enabling the best possible internet browsing experience
OPERA INVESTOR PRESENTATION / 3 April 2026 WE ARE FOCUSED ON ENABLING THE BEST POSSIBLE INTERNET BROWSING EXPERIENCE ACROSS ALL DEVICES
Slide 4: Opera Today
OPERA INVESTOR PRESENTATION / 4 April 2026 OPERA TODAY ~288M $530M Q1’26Average MAUs2 Returned to Shareholders Since 20203 60M 2.9x 20 Quarters Western Markets MAU2 ARPU Growth Over of Rule of 40 Last 4 Years4 Performance Driven by Organic Growth1 $734M $172M +19% Growth 23% Margin 2026 Revenue Guid
Slide 5: Why Opera? Why Now?
OPERA INVESTOR PRESENTATION / 5 April 2026 WHY 01 PROFITABLE OPERA? ORGANIC GROWTH WHY NOW? 02 PROVEN MONETIZATION MODEL 03 LOYAL & ATTRACTIVE USER BASE 04 INNOVATION IS IN OUR DNA 05 LEADING INDEPENDENT BROWSER 06 NATIVE AI INTEGRATION + AGENTIC BROWSING
Slide 6: Desktop and Mobile browsers
OPERA INVESTOR PRESENTATION / 6 April 2026 Desktop Mobile Opera for iOS Opera for Android Opera GX Opera Mini
Slide 7: Our Users – Everywhere, on Every Device
OPERA INVESTOR PRESENTATION / 7 April 2026 OUR USERS –EVERYWHERE, ON EVERY DEVICE 288M ~6% Total MAUs1 of Global Internet Users2 90M 35M PC MAUs MAUs in Western Markets3 198M 26M Mobile MAUs MAUs in Western Markets3 1 As of Q4 2025 and represents rounded figures. See Appendix for definition of MAU 2
Slide 8: A History of Innovation
OPERA INVESTOR PRESENTATION / 8 April 2026 A First to introduce tabs 1996 HISTORY OF First with built-in web search 2000 INNOVATION First full web browser on smartphones 2002 First to Sync PC and Mobile 2006 First with native ad blocker 2015 First with browser VPN 2016 First browser for gamers 2019
Slide 9: We Were the First, Then We Continued, and We Delivered
OPERA INVESTOR PRESENTATION / 9 April 2026 WE WERE THEN WE AND WE THE FIRST CONTINUED DELIVERED 2023 2024 2025 Context-aware AI available now Browser with integrated 1st 1st Browser with local LLMs Manager ChatGPT Agentic browsing ` available now Opera AI more accessible accountless Browser with mul
Slide 10: Opera One AI
OPERA INVESTOR PRESENTATION / 10 April 2026 AI OPERA ONE
Slide 11: OPERA INVESTOR PRESENTATION / 11 April 2026
OPERA INVESTOR PRESENTATION / 11 April 2026
Slide 12: OPERA INVESTOR PRESENTATION / 12 April 2026
OPERA INVESTOR PRESENTATION / 12 April 2026
Slide 13: Opera Neon
OPERA INVESTOR PRESENTATION / 13 April 2026 OPERA NEON You don’t need a compnay to operate at a high level. You are the company. Whether you’re running a team of ten or a A product that lets one person company of one. You need a workspace that work with the confidence of a moves seamlessly between a
Slide 14: GX: Our Browser Tailored for Gamers
OPERA INVESTOR PRESENTATION / 14 April 2026 GX: OUR BROWSER TAILORED FOR GAMERS GAMING SEGMENT-DEDICATED BROWSER AI INTEGRATION 35M GX users: 9% penetration 1 FAST GROWING PROFITABLE HIGHEST ARPU ACROSS PRODUCTS 1 Cumulative rating from internal company surveys conducted with users since launch
Slide 15: What Makes GX Different?
OPERA INVESTOR PRESENTATION / 15 April 2026 WHAT MAKES GX DIFFERENT? RAM, CPU and Built-in Twitch and Discord Release Network Limiters Free VPN Integration Calendar Force Design Floating Built-in Dark Mode Customization Window Ad Blocker
Slide 16: MiniPay: Global Money. Local Freedom.
OPERA INVESTOR PRESENTATION / 16 April 2026 MINIPAY: GLOBAL MONEY. LOCAL FREEDOM. Global P2P Using phone numbers Local currencies to stables EUR, USD, KES, PLN, NGN Pay with MiniPay Integration with local RTP methods Virtual accounts Virtual Card Personal US and EU bank account Apple/Google Pay + We
Slide 17: MiniPay Today
OPERA INVESTOR PRESENTATION / 17 April 2026 MINIPAY TODAY 1 15M+ 66+ Platform Total Activated Countries Wallets 40+ 430M+ 3 Currencies Total Transactions Stablecoins
Slide 18: Our Focus – Growing High ARPU Users
OPERA INVESTOR PRESENTATION / 18 April 2026 OUR FOCUS – GROWING HIGH ARPU USERS WESTERN MARKETS – USERS1 ANNUALIZED ARPU 2.9x 60M ARPU growth over last 4 years 47M $2.43 1Q22 1Q23 1Q24 1Q25 1Q26 GX BROWSER – USERS 35M 16M $0.83 1Q22 1Q23 1Q24 1Q25 1Q26 1 Rounded figure. See Appendix for definitions.
Slide 19: Our Brand
OPERA INVESTOR PRESENTATION / 19 April 2026 OUR BRAND A key driver for our business, as we continue to innovate and invest in our growth BRAND AWARENESS1 44% 60% 71% 84% Source: Opera Survey, % of respondents selecting Opera from sample size of 3.5k in the US, 1k in the UK, 2.3k in Germany, and 2.3k
Slide 20: Our Revenue Model
OPERA INVESTOR PRESENTATION / 20 April 2026 OUR REVENUE MODEL Q1 Revenue Composition1 Other1 <1% Query 2 33% And Other Query Partners Advertising 67% 1 Represents rounded figures for 1Q26 revenue composition and includes other revenue 2 Query revenue is based on driving traffic to search and other m
Slide 21: Advertising
OPERA INVESTOR PRESENTATION / 21 April 2026 ADVERTISING Speed Dials: premium positioning on landing page Opera Ads: self-serve DSP for owned and operated, partner network 67% of revenue in 1Q26 1 24% year-over-year growth in 1Q26 1 Represents rounded figures
Slide 22: Query
OPERA INVESTOR PRESENTATION / 22 April 2026 QUERY Search queries: we benefit through our revenue share agreements Other queries: natively integrating partner promotions relevant to user prompts Deep partnerships, including 25 years with Google 33% of revenue in 1Q261 23% year-over-year growth in 1Q2
Slide 23: It Takes a Lot of Talent to Build a Browser
OPERA INVESTOR PRESENTATION / 23 April 2026 IT TAKES A LOT OF TALENT TO BUILD A BROWSER EUROPEAN OFFICES: FRANCE, GERMANY, NORWAY, POLAND, SPAIN SWEDEN, UK
Slide 24: Experienced & Proven Leadership
OPERA INVESTOR PRESENTATION / 24 April 2026 EXPERIENCED & PROVEN LEADERSHIP James Yahui Zhou Lin Song Frode Jacobsen Executive Chairman CEO CFO 10 years 24 years 13 years Jørgen Arnesen Krystian Kolondra Per Wetterdal EVP Mobile EVP Browsers EVP Commercial 16 years 20 years 18 years Note: Years of e
Slide 25: Financial Overview
OPERA INVESTOR PRESENTATION / 25 April 2026 FINANCIAL OVERVIEW
Slide 26: Strong Multi-Year Organic Revenue Growth
OPERA INVESTOR PRESENTATION / 26 April 2026 STRONG MULTI- YEAR ORGANIC REVENUE Revenue Query Advertising Other GROWTH ($ in millions) $177M 24% Growth 2Q 2026 revenue guidance1 $734M 19% Growth 2026 revenue guidance1 1 Midpoint of guidance delivered on April 28, 2026.
Slide 27: Accompanied by Stable EBITDA Margins
OPERA INVESTOR PRESENTATION / 27 April 2026 ACCOMPANIED BY STABLE Adj. EBITDA ($ in millions) $172M1 EBITDA $143M MARGINS $115M $41M $94M 23% Margin $68M 2Q 2026 adj. EBITDA guidance1 $172M 23% Margin 2022 2023 2024 2025 2026E 2026 adj. EBITDA guidance1 Adj. EBITDA Margin 21% 24% 24% 23% 23%1 1 Midp
Slide 28: Healthy and Consistent EBITDA Margins as Business Scales
OPERA INVESTOR PRESENTATION / 28 April 2026 HEALTHY AND CONSISTENT EBITDA MARGINS AS BUSINESS SCALES Cost and adj. EBITDA as % of Revenue Cost of Revenue Marketing Cash-based Compensation Other OpEx Pre-adj. EBITDA Adjusted EBITDA 16% 23% 28% 36% 38% 35% 28% 27% 23% 22% 20% 17% 15% 13% 12% 9% 6% 8%
Slide 29: Healthy Cash Flow with Stable Conversion of Profit to Cash
OPERA INVESTOR PRESENTATION / 29 April 2026 HEALTHY CASH FLOW WITH STABLE CONVERSION OF PROFIT TO CASH Operating Cash Flow % of adj. EBITDA 92% 83% 88% 91% 83% $118 $105 $83 $57 $27 2021 2022 2023 2024 2025 Free Cash Flow From Operations 77% Ex- Iceland AI Cluster CapEx % of adj. EBITDA 54% 63% 77%
Slide 30: Consistent Rule of 40 Financial Performance
OPERA INVESTOR PRESENTATION / 30 April 2026 CONSISTENT RULE OF 40 Rule of 40 % Revenue Growth FINANCIAL % Adj. EBITDA Margin PERFORMANCE 80% 64% 60% 53% 51% 44% 45% 42% 42% 40% 20% 2026E revenue growth + adj. EBITDA margin1 0% 2021 2022 2023 2024 2025 2026E 6 Actual Performance vs. Guidance Revenue
Slide 31: Continued Commitment to Ongoing Capital Returns
OPERA INVESTOR PRESENTATION / 31 April 2026 CONTINUED COMMITMENT TO ONGOING CAPITAL RETURNS Announced a new 2-year $300 million share buyback authorization Supported by a strong balance sheet2 Since 2020 we have returned ~$530 million1 to our shareholders, consisting of: Repurchased 36.6 million sha
Slide 32: In Conclusion
OPERA INVESTOR PRESENTATION / 32 April 2026 IN CONCLUSION Organic & At scale, growing Profitable profitably and aligned Growth with key industry mega– trends Recurring Strong Capital Balance Returns Sheet
Slide 33: Appendix
OPERA INVESTOR PRESENTATION / 33 April 2026 APPENDIX
Slide 34: Definitions
OPERA INVESTOR PRESENTATION / 34 April 2026 Definitions Monthly Active Users (MAU) “MAUs” or “monthly active users” refers to the average number of active users of any month (within a given period), calculated as of its final day using a 30-day lookback window. “active user” refers to a user, calcul
Slide 35: OPERA INVESTOR PRESENTATION / 35 April 2026
OPERA INVESTOR PRESENTATION / 35 April 2026