Opera Limited · NASDAQ:OPRA
Opera — Q4 2025 Earnings Presentation
36 slides from Opera's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation Q4 2025
OPERA February 2026 INVESTOR PRESENTATION Q4 2025
Slide 2: Safe Harbor Statement & Disclaimers
OPERA INVESTOR PRESENTATION / 2 February 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 Se
Slide 3: Focused on enabling the best possible internet browsing experience
OPERA INVESTOR PRESENTATION / 3 February 2026 WE ARE FOCUSED ON ENABLING THE BEST POSSIBLE INTERNET BROWSING EXPERIENCE ACROSS ALL DEVICES
Slide 4: Opera Today
OPERA INVESTOR PRESENTATION / 4 February 2026 OPERA TODAY ~284M $513M Q4’25 Average MAUs2 Returned to Shareholders Since 20203 60M 3.0x 19 Quarters Western Markets MAU2 ARPU Growth Over of Rule of 40 Last 4 Years4 Performance Driven by Organic Growth1 $728M $170M +18% Growth 23% Margin 2026 Revenue
Slide 5: Why Opera? Why Now?
OPERA INVESTOR PRESENTATION / 5 February 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 February 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 February 2026 OUR USERS –EVERYWHERE, ON EVERY DEVICE 284M ~6% Total MAUs1 of Global Internet Users2 86M 34M PC MAUs MAUs in Western Markets3 198M 25M Mobile MAUs MAUs in Western Markets3 1 As of Q4 2025 and represents rounded figures. See Appendix for definition of MA
Slide 8: A History of Innovation
OPERA INVESTOR PRESENTATION / 8 February 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 20
Slide 9: We Were the First, Then We Continued, and We Delivered
OPERA INVESTOR PRESENTATION / 9 February 2026 WE WERE THEN WE AND WE THE FIRST CONTINUED DELIVERED 2023 2024 2025 Browser with integrated 1st 1st Browser with local LLMs Manager Context-aware AI available now ChatGPT ` ARIA more accessible accountless Agentic browsing available now Browser with mult
Slide 10: Opera One AI
OPERA INVESTOR PRESENTATION / 10 February 2026 AI OPERA ONE
Slide 11: Opera AI
OPERA INVESTOR PRESENTATION / 11 February 2026 OPERA AI
Slide 12: OPERA INVESTOR PRESENTATION / 12 February 2026
OPERA INVESTOR PRESENTATION / 12 February 2026
Slide 13: Opera Neon
OPERA INVESTOR PRESENTATION / 13 February 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 betwee
Slide 14: GX: Our Browser Tailored for Gamers
OPERA INVESTOR PRESENTATION / 14 February 2026 GX: OUR BROWSER TAILORED FOR GAMERS GAMING SEGMENT-DEDICATED BROWSER AI INTEGRATION 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 February 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: Why Gamers?
OPERA INVESTOR PRESENTATION / 16 February 2026 WHY GAMERS? WEB USERS 4.7B 1 34M GX users: PC GAMERS 2 1.8B 9% penetration 4 Estimated TAM: 400M+ 5 GEN-Z 2.5B 3
Slide 17: MiniPay: Global Money. Local Freedom.
OPERA INVESTOR PRESENTATION / 17 February 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 +
Slide 18: MiniPay Today
OPERA INVESTOR PRESENTATION / 18 February 2026 MINIPAY TODAY 1 13M+ 60+ Platform Total Activated Countries Wallets 40+ 390M+ 3+ Currencies Total Transactions Stablecoins
Slide 19: Our Focus – Growing High ARPU Users
OPERA INVESTOR PRESENTATION / 19 February 2026 OUR FOCUS – GROWING HIGH ARPU USERS WESTERN MARKETS – USERS1 ANNUALIZED ARPU 3.0x 60M ARPU growth over last 4 years 44M $2.49 4Q21 4Q22 4Q23 4Q24 4Q25 GX BROWSER – USERS 34M $0.83 14M 4Q21 4Q22 4Q23 4Q24 4Q25 1 Rounded figure. See Appendix for definitio
Slide 20: Our Brand
OPERA INVESTOR PRESENTATION / 20 February 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
Slide 21: Our Revenue Model
OPERA INVESTOR PRESENTATION / 21 February 2026 OUR REVENUE MODEL Q4 Revenue Composition1 Other1 <1% Query 2 35% And Other Query Partners Advertising 65% 1 Represents rounded figures for 4Q25 revenue composition and includes technology licensing and other revenue 2 Query revenue is based on driving t
Slide 22: Advertising
OPERA INVESTOR PRESENTATION / 22 February 2026 ADVERTISING Speed Dials: premium positioning on landing page Opera Ads: self-serve DSP for owned and operated, partner network 65% of revenue in 4Q251 25% year-over-year growth in 4Q25 1 Represents rounded figures
Slide 23: Query
OPERA INVESTOR PRESENTATION / 23 February 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 35% of revenue in 4Q251 16% year-over-year growth in
Slide 24: It Takes a Lot of Talent to Build a Browser
OPERA INVESTOR PRESENTATION / 24 February 2026 IT TAKES A LOT OF TALENT TO BUILD A BROWSER EUROPEAN OFFICES: FRANCE, GERMANY, NORWAY, POLAND, SPAIN SWEDEN, UK
Slide 25: Experienced & Proven Leadership
OPERA INVESTOR PRESENTATION / 25 February 2026 EXPERIENCED & PROVEN LEADERSHIP Yahui Zhou Lin Song Frode Jacobsen Executive Chairman CEO CFO 9 years 23 years 12 years Jørgen Arnesen Krystian Kolondra Per Wetterdal EVP Mobile EVP Browsers EVP Commercial 15 years 19 years 17 years Note: Years of exper
Slide 26: Financial Overview
OPERA INVESTOR PRESENTATION / 26 February 2026 FINANCIAL OVERVIEW
Slide 27: Strong Multi-Year Organic Revenue Growth
OPERA INVESTOR PRESENTATION / 27 February 2026 STRONG MULTI- YEAR ORGANIC REVENUE Revenue Query Advertising Other GROWTH ($ in millions) $171M 20% Growth 1Q 2026 revenue guidance1 $728M 18% Growth 2026 revenue guidance1 1 Midpoint of guidance delivered on February 26, 2026.
Slide 28: Accompanied by Stable EBITDA Margins
OPERA INVESTOR PRESENTATION / 28 February 2026 ACCOMPANIED BY STABLE Adj. EBITDA ($ in millions) $170M1 EBITDA $143M MARGINS $115M $39M $94M 23% Margin $68M 1Q 2026 adj. EBITDA guidance1 $170M 23% Margin 2022 2023 2024 2025 2026E 2026 adj. EBITDA guidance1 Adj. EBITDA Margin 21% 24% 24% 23% 23%1 1 M
Slide 29: Healthy and Consistent EBITDA Margins as Business Scales
OPERA INVESTOR PRESENTATION / 29 February 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% 39% 35% 28% 27% 23% 21% 20% 17% 15% 13% 12% 9% 6%
Slide 30: Healthy Cash Flow with Stable Conversion of Profit to Cash
OPERA INVESTOR PRESENTATION / 30 February 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% 7
Slide 31: Consistent Rule of 40 Financial Performance
OPERA INVESTOR PRESENTATION / 31 February 2026 CONSISTENT RULE OF 40 Rule of 40 % Revenue Growth FINANCIAL 80% % Adj. EBITDA Margin PERFORMANCE 64% 60% 53% 51% 44% 45% 51% 40% 20% 2025 revenue growth + adj. EBITDA margin 0% 2021 2022 2023 2024 2025 5 Actual Performance vs. Guidance Revenue 4 4 4 4 4
Slide 32: Continued Commitment to Ongoing Capital Returns
OPERA INVESTOR PRESENTATION / 32 February 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 ~$513 million1 to our shareholders, consisting of: Repurchased 35.5 million
Slide 33: In Conclusion
OPERA INVESTOR PRESENTATION / 33 February 2026 IN CONCLUSION Organic & At scale, growing Profitable profitably and aligned Growth with key industry mega– trends Recurring Strong Capital Balance Returns Sheet
Slide 34: Appendix
OPERA INVESTOR PRESENTATION / 34 February 2026 APPENDIX
Slide 35: Definitions
OPERA INVESTOR PRESENTATION / 35 February 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, cal
Slide 36: Opera Investor Presentation
OPERA INVESTOR PRESENTATION / 36 February 2026