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 ...

Core Thesis - Opera Limited is viewed positively due to its strong growth, innovative products, and attractive valuation, presenting a compelling investment opportunity in the mid-cap software sector [1][4]. Company Overview - Opera Limited is a global software and internet company founded in 1995, listed on Nasdaq, and focuses on delivering browsers and AI-driven products [2]. - The company has a diversified portfolio including Opera One, Opera GX, Opera Mini, and Opera Neon, catering to various user segments [2]. - As of Q2 2025, Opera reported 289 million monthly active users, with 206 million on mobile and 83 million on desktop, including 58 million in high-value Western markets [2]. Financial Performance - In Q2 2025, Opera's advertising revenue increased by 44% year-over-year, while search revenue grew by 11%, leading to an annualized ARPU of $1.97 [3]. - The company's MiniPay stablecoin wallet saw a 255% increase in activations, and VPN Pro upgrades contributed to monetization efforts [3]. - Opera has returned $477 million to shareholders since 2020 through buybacks and dividends, and holds $392 million in cash and investments, including a $258 million stake in OPay [3]. Valuation and Market Position - Despite facing challenges such as declining gross margins and rising operating expenses, Opera's valuation remains attractive, trading below five-year averages with a PEG ratio of 0.93 [4]. - The stock offers a 42% upside to its fair value of $33.32, supported by strong solvency, diversified revenue streams, and high ARPU growth [4]. - The company has maintained 17 consecutive quarters above the Rule of 40, indicating scalable and profitable growth [3][4]. Recent Developments - The bullish thesis on Opera has been reinforced by its core browser strength, user growth in Opera GX, and disciplined shareholder returns, with the stock appreciating approximately 10% since March 2025 [5]. - The emphasis on AI integration, MiniPay growth, and consistent performance under the Rule of 40 highlights the company's ongoing potential [5].

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]

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]