Q3 2025 INVESTOR PRESENTATION OPERA October 2025 OPERA INVESTOR PRESENTATION / 2 October 2025 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 Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act ...

Summary of Opera's 2025 Conference Call Company Overview - **Company**: Opera (NasdaqGS: OPRA) - **Industry**: Web Browsers and Internet Services - **User Base**: Approximately 300 million monthly users, with a significant presence in both emerging and Western markets [4][6] - **Revenue**: Close to $600 million, with a growth guidance of 23% for the year [4][5] Key Points and Arguments User Demographics and Growth - **Geographic Split**: 20% of users in Western markets, up from 6-7% previously, indicating successful market penetration [6][12] - **ARPU Growth**: Average Revenue Per User (ARPU) has tripled over the past four years, driven by higher monetization in Western markets [6][12] - **Target Audience**: Focus on tech-savvy users who appreciate feature-rich browsers, particularly in the gaming segment [6][10] Competitive Landscape - **EU Regulations**: The Digital Markets Act has positively impacted Opera, leading to a doubling of new iOS users in the EU [12][13] - **U.S. Market**: Ongoing partnership with Google for search revenue, with no expected changes following recent regulatory rulings [15][19] Artificial Intelligence Integration - **AI Features**: Introduction of AI functionalities in the flagship browser, Opera One, allowing users to interact with an AI agent [20][21] - **Opera Neon**: Upcoming AI-native browser designed to enhance user experience by integrating AI capabilities directly into the browsing process [24][27] Gaming Browser Opportunity - **User Base**: 33 million users of the gaming browser (Opera GX), with an average ARPU of $3.50, representing about 20% of total revenue [32][33] - **Market Expansion**: Plans to expand into key Asian markets like Japan and South Korea, which present significant growth potential [32][33] Growth Investments and Financial Strategy - **Investment Focus**: Prioritizing high-value user growth and product development, particularly for Opera One and Opera GX [34][41] - **Capital Return**: Nearly $500 million returned to shareholders since 2020, with a preference for dividends over buybacks to maintain liquidity [40][41] Future Outlook - **Strategic Priorities**: Focus on leveraging AI and enhancing browser capabilities to attract more users and increase brand awareness [44][47] - **Long-term Vision**: Emphasis on the evolving role of browsers in users' daily lives, with aspirations to innovate and provide alternatives in the market [46][47] Additional Important Insights - **Marketing Effectiveness**: Data-driven marketing strategies are in place to assess ROI and optimize campaigns for user acquisition [35][36] - **AI Partnerships**: Collaborations with Google and OpenAI for backend AI functionalities, while maintaining control over local processing [29][30] This summary encapsulates the key insights from Opera's conference call, highlighting the company's strategic direction, market positioning, and future growth opportunities.

Financial Performance & Guidance - Opera achieved 17 consecutive quarters of Rule of 40 performance, driven by organic growth[11] - The company's 2025 revenue guidance is $591 million, representing a 23% growth[14] - The 2025 adjusted EBITDA guidance is $138 million, with a 23% margin[20, 21] - Q3 2025 revenue guidance is $148 million, representing 20% growth[89] - Since 2020, Opera has returned approximately $477 million to shareholders[16, 17, 98] User Base & Monetization - Opera has approximately 289 million average monthly active users (MAUs) in Q2 2025[12, 13] - Western markets account for 58 million MAUs[13] - ARPU has grown 3.1x over the last 4 years[18, 19] - Advertising accounts for 65% of revenue in Q2 2025, with 44% year-over-year growth[66, 69] - Search accounts for 35% of revenue in Q2 2025, with 11% year-over-year growth[66, 73] Opera GX - Opera GX has 33 million users[45] - Opera GX users represent 8% penetration of web users[52]

Core Viewpoint - Firefox browser is reportedly planning to shut down its operations in China and terminate account services, indicating a potential exit from the Chinese market [1][3][6]. Group 1: Company Operations - Multiple media outlets have reported that Firefox is set to close its Chinese operating company, Beijing Mozhi Firefox Information Technology Co., Ltd., and cease services in the region [1][4]. - Users in China have experienced instability and access issues with the Firefox browser, leading to speculation about the company's future in the market [3][4]. - The company has not officially responded to public concerns, and its social media updates have not occurred since 2023, suggesting a lack of active engagement [6][9]. Group 2: Financial and Legal Issues - Data from Tianyancha indicates that the Chinese operating entity has multiple enforcement records, with the highest amount exceeding 35.6 million RMB (approximately 5.1 million USD) [4][5]. - The company faces significant financial challenges, which may contribute to its decision to exit the market [4][16]. Group 3: Market Context - Firefox initially gained popularity in China after its launch in 2004, reaching a peak market share of 31.56% in 2009, with active users reaching 244 million [10][12]. - The rise of Google Chrome, which surpassed Firefox in market share by 2012, has significantly diminished Firefox's presence in the browser market [14][16]. - Firefox's revenue model, primarily based on search engine partnerships, has proven insufficient in the competitive Chinese market, where local browsers offer additional services [16][17].