Financial Data and Key Metrics Changes - Revenue growth accelerated to 40% year over year in Q1 2025, up from 29% in Q4 2024, exceeding previous guidance of 28% to 31% [4][15] - Total revenue for Q1 2025 reached $143 million, with advertising revenue growing 63% and now representing two-thirds of total revenue [5][15] - Adjusted EBITDA was $32 million, with a margin of 23%, indicating increased profitability alongside revenue growth [6][15] Business Line Data and Key Metrics Changes - E-commerce was the fastest-growing vertical within advertising, achieving over 100% annualized growth, which offset typical seasonality [5][15] - Search revenue grew 8% year over year, indicating a slowdown compared to previous growth rates [5][32] - The user base remained stable at 293 million monthly active users (MAUs), with annualized ARPU increasing by 44% [7][15] Market Data and Key Metrics Changes - The U.S. market is experiencing greater uncertainty among advertisers, impacting growth potential [15][21] - The company has less exposure to U.S. e-commerce compared to competitors, suggesting significant growth opportunities ahead [22][63] Company Strategy and Development Direction - The company is focusing on high-value users and leveraging AI to optimize advertising and search revenue [6][10] - Opera is expanding its browser portfolio, including the introduction of AI-driven features, to enhance user experience and engagement [8][10] - The company aims to maintain aggressive growth in e-commerce while navigating macroeconomic challenges [21][63] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to grow despite a volatile macro environment, highlighting a strong track record of navigating challenges [13][21] - The company raised its full-year revenue guidance to DKK 567 million to DKK 582 million, reflecting confidence in continued growth [24][21] - Management noted that the advertising revenue is primarily performance-based, making it more resilient in uncertain economic conditions [22][67] Other Important Information - The company celebrated its 25th anniversary in 2025, emphasizing its long history of innovation and adaptation [13] - Opera has distributed $2.4 in dividends per share since January 2023, indicating a commitment to returning value to shareholders [21] Q&A Session Summary Question: Search growth during the quarter - Management acknowledged that the 8% growth in search revenue is a slowdown but attributed it to a shift towards intent-based advertising, which is driving overall advertising growth [32][34] Question: Decline in GX ARPU - Management noted that the decline in GX ARPU is partly seasonal and that the introduction of AI and high-intent advertising options is expected to benefit overall revenue [32][36] Question: Impact of currency on growth - Management indicated that the strong U.S. dollar has been a headwind, estimating that growth would have been 5 to 6 percentage points higher on a constant currency basis [38] Question: E-commerce growth and seasonality - Management confirmed that the rapid growth of e-commerce has offset typical seasonality, but acknowledged that seasonality will still be a factor as the business matures [41][44] Question: Concerns about MAU count - Management clarified that the focus is on high ARPU users rather than total MAU count, emphasizing revenue generation over user numbers [46][48] Question: U.S. antitrust actions and broader ecosystem - Management expressed that ongoing antitrust discussions could benefit Opera by increasing focus on competition and innovation in the browser market [49][52] Question: E-commerce opportunity and geographic exposure - Management highlighted that the e-commerce segment is growing rapidly and that the U.S. market still holds significant potential for future growth [56][58] Question: Gating factors for e-commerce growth - Management stated that attracting performance-focused advertisers is key to expanding e-commerce revenue, with a focus on larger retailers initially [61][64]

Financial Data and Key Metrics Changes - Revenue growth increased from 29% in Q4 2024 to 40% in Q1 2025, translating to revenue of $143 million for Q1 2025, exceeding previous guidance [5][6] - Adjusted EBITDA reached $32 million with a margin of 23%, indicating profitability alongside revenue growth [7][18] - Annualized ARPU grew by 44% year over year, reflecting a focus on high-value users [8] Business Line Data and Key Metrics Changes - Advertising revenue grew by 63% in Q1 2025, now representing two-thirds of total revenue, with e-commerce being the fastest-growing vertical at over 100% annualized growth [6][8] - Search revenue was $7 million, growing 8% year over year, indicating a stable growth despite a shift towards e-commerce [6][30] Market Data and Key Metrics Changes - The user base remained stable at 293 million MAUs, with a focus on high ARPU potential users [8][47] - The U.S. market is seen as having significant growth potential in e-commerce, with the company having less exposure compared to competitors [22][64] Company Strategy and Development Direction - The company aims to leverage AI for optimizing user intent and enhancing advertising effectiveness, which is expected to drive future growth [7][50] - Opera is focusing on performance-based advertising, which is more resilient in volatile market conditions, allowing for continued growth [22][67] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by macroeconomic volatility but expressed confidence in the company's ability to navigate these challenges and capitalize on growth opportunities [21][24] - The company raised its full-year revenue guidance to DKK 567 million to DKK 582 million, reflecting optimism about continued growth [24][25] Other Important Information - The company celebrated its anniversary and highlighted its history of navigating market disruptions and competition [13][14] - The company has distributed $2.4 in dividends per share since January 2023, indicating a commitment to returning value to shareholders [21] Q&A Session Summary Question: Search growth slowdown and its impact - Management noted that the shift towards intent-based advertising is influencing search growth, which is still expected to grow strongly in the future [30][34] Question: Impact of currency on growth - The strong U.S. dollar has been a headwind, with growth estimated to be 5-6 percentage points higher on a constant currency basis [38] Question: E-commerce growth and seasonality - E-commerce growth has been strong enough to offset typical seasonality, but management expects some seasonality to return as the business matures [41][44] Question: User base concerns - The focus is on high ARPU users rather than total MAUs, with management confident in revenue growth despite a slight decline in user numbers [47] Question: U.S. antitrust actions and their impact - Management sees potential benefits from increased competition and focus on user intent, positioning Opera favorably in the evolving ecosystem [48][50] Question: E-commerce advertiser diversification - The e-commerce opportunity is growing rapidly, with a focus on performance-based partnerships, particularly in the U.S. market [56][64]