Financial Data and Key Metrics Changes - Q4 advertising revenue saw a sequential increase of $19 million, resulting in 25% year-over-year growth [4] - Annual revenue growth for 2025 was 28%, an acceleration from 21% growth in 2024 [6] - Adjusted EBITDA for Q4 was $42 million, representing a 23.6% margin, exceeding guidance [18] Business Line Data and Key Metrics Changes - Monetization of user intent query revenue grew by 16% year-over-year, with non-search power revenue growing over 200% [5] - Opera GX reached over 34 million monthly active users (MAUs) in Q4, a 5% sequential increase [12] - MiniPay, a stablecoin wallet, activated over 13 million wallets, up from 10 million in Q3 [15] Market Data and Key Metrics Changes - The company ended the year with 284 million MAUs, including 60 million users in Western markets [13] - ARPU grew by 26% to $2.49 in Q4, indicating strong user acquisition in key markets [13] - E-commerce advertising grew 25% year-over-year, with the top 50 advertisers increasing their spend by 56% [32] Company Strategy and Development Direction - The company aims to leverage AI advancements to enhance user experience and maintain a competitive edge in the browser market [7][9] - New browsers, Opera Air and subscription-based Opera Neon, were launched to cater to distinct audiences and explore new revenue streams [10][11] - The company plans to invest in MiniPay to expand its global presence and functionality [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about user growth in Western markets despite increased competition [30] - The company anticipates continued growth in e-commerce and user intent monetization, viewing these as significant opportunities [34] - Guidance for Q1 2026 is set at $720 million-$735 million in revenue, reflecting a growth of 17%-20% [22] Other Important Information - A major share buyback program of $300 million was announced, representing over 25% of the company's market cap [25] - The company is focused on maintaining a healthy balance between growth and profitability while returning cash to shareholders [9][25] Q&A Session Summary Question: Growth of Western Users - Management noted a sequential growth of 2 million Western users, attributing it to strong desktop and mobile offerings, particularly after the EU Digital Markets Act [30][31] Question: E-commerce Growth - E-commerce is a significant growth driver, with management highlighting its potential market size and the opportunity to capture user intent revenue [32][34] Question: Engagement and Monetization of Neon - The Neon browser is still early in its rollout, but it is expected to enhance user engagement and monetization through advanced features [40][41] Question: OPay IPO Timing - Management indicated that OPay is well-positioned for an IPO, but no specific timing has been confirmed [63] Question: MiniPay Monetization Path - MiniPay aims to build a user base with low barriers to entry, monetizing through partnerships and expanding payment functionalities [67] Question: Non-Search Query Revenue - Non-search query revenue exceeded $5 million in Q4, growing rapidly as the company addresses user intent through various channels [70]

Financial Data and Key Metrics Changes - Q4 advertising revenue saw a sequential increase of $19 million, resulting in 25% year-over-year growth, contributing to a total revenue growth of 22% for Q4 and 28% for the full year 2025 [4][5][6] - Adjusted EBITDA for Q4 was $42 million, representing a 23.6% margin, exceeding guidance by 7% [16][18] - Full year revenue reached $615 million, growing 28%, with adjusted EBITDA at $143 million, a 23.2% margin [18][19] Business Line Data and Key Metrics Changes - The monetization of user intent query revenue grew by 16% year-over-year, with non-search power revenue growing over 200% year-over-year [4][5] - Opera GX, the browser for gamers, reached over 34 million monthly active users (MAUs) in Q4, a 5% sequential increase [12] - MiniPay, a stablecoin wallet, activated over 13 million wallets, with transactions increasing from 290 million to 390 million [15] Market Data and Key Metrics Changes - The user base ended the year with 284 million MAUs, including 60 million users in Western markets, contributing to a strong average revenue per user (ARPU) growth of 26% to $2.49 in Q4 [12][13] - E-commerce advertising grew 25% year-over-year, with the top 50 advertisers increasing their average spend by 56% [32][36] Company Strategy and Development Direction - The company aims to leverage AI advancements to enhance user experience and maintain a competitive edge in the browser market, viewing emerging AI companies as potential partners rather than competitors [7][8] - The launch of new browsers, including Opera Air and subscription-based Opera Neon, is part of the strategy to cater to distinct audiences and explore new revenue streams [10][11] - A major share buyback program of $300 million has been authorized, representing over 25% of the market cap, to enhance shareholder returns [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, with Q1 2026 revenue guidance set at $720 million to $735 million, reflecting 17%-20% growth [22][23] - The company is optimistic about the potential of the e-commerce market, estimating a total addressable market of $100 billion, indicating significant growth opportunities [34] Other Important Information - The company is focusing on expanding MiniPay as a global platform, with plans to enhance its functionality and reach beyond emerging markets [15][54] - The Opera Ads platform is expected to continue its growth trajectory, contributing positively to overall revenue and profitability [20][36] Q&A Session Summary Question: Growth of Western Users - Management noted a sequential growth of 2 million Western users, attributing this to strong desktop and mobile offerings, particularly after the EU Digital Markets Act [30][31] Question: E-commerce Growth - E-commerce is a significant growth driver, with management indicating that it is growing faster than the reported 25%, contributing to overall revenue growth [32][34] Question: Engagement and Monetization of Neon - The Neon browser is still early in its rollout, but it is expected to enhance user engagement and monetization through advanced features and potential subscription revenue [40][41] Question: OPay IPO Timing - Management indicated excitement about OPay's performance and noted that while an IPO is a natural next step, no specific timing has been confirmed [63] Question: MiniPay Monetization Path - The monetization strategy for MiniPay focuses on building a user base and integrating partners, with low barriers to entry for users in emerging markets [67] Question: Non-Search Query Revenue - Non-search query revenue exceeded $5 million in Q4, growing rapidly as it addresses user intent through various channels [70][71]

Financial Data and Key Metrics Changes - Q4 advertising revenue increased by $19 million sequentially, resulting in a 25% year-over-year growth [4] - Annual revenue growth for 2025 was 28%, an acceleration from 21% growth in 2024 [5] - Adjusted EBITDA for Q4 was $42 million, representing a 23.6% margin, exceeding guidance [19] - Full-year adjusted EBITDA for 2025 was $143 million, a 23.2% margin, reflecting a solid increase [20] Business Line Data and Key Metrics Changes - Monetization of user intent query revenue grew by 16% year-over-year, with non-search power revenue growing over 200% [5] - Opera GX reached over 34 million monthly active users (MAUs) in Q4, a 5% sequential increase [12] - MiniPay, a stablecoin wallet, saw activated wallets increase from 10 million to over 13 million [16] Market Data and Key Metrics Changes - The user base ended the year with 284 million MAUs, including 60 million users in Western markets [13] - ARPU grew by 26% to $2.49 in Q4, indicating strong user acquisition in key markets [13] - E-commerce advertising grew by 25% year-over-year, with the top 50 advertisers increasing their average spend by 56% [36] Company Strategy and Development Direction - The company launched two new browsers, Opera Air and subscription-based Opera Neon, to cater to distinct audiences [10] - Focus on enhancing the user experience through AI integration, positioning the browser as a gateway to online journeys [9] - Plans to invest in making MiniPay a more global platform, expanding its functionality and user base [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about user growth in Western markets despite increased competition [30] - The company anticipates continued growth in e-commerce and user intent monetization, viewing AI advancements as a significant opportunity [34] - Guidance for Q1 2026 revenue is set at $720 million-$735 million, reflecting a growth of 17%-20% [22] Other Important Information - A major share buyback program of $300 million was announced, representing over 25% of the market cap [25] - The company aims to maintain a healthy balance between growth and profitability while returning cash to shareholders [9] Q&A Session Summary Question: User growth in Western markets and competition - Management noted positive user performance in Q4, particularly in smartphone and desktop users, with growth attributed to attractive offerings and AI advancements [30][31] Question: E-commerce growth and advertising traction - E-commerce is a significant growth driver, with management highlighting its potential in a large market and the opportunity to capture user intent revenue [34] Question: Engagement and monetization of Opera Neon - Management indicated that it is early to assess Neon’s performance but sees potential for growth and monetization through query revenue and subscription models [41][42] Question: Gross margin sustainability - Management expects continued growth in Opera Ads, which will contribute positively to EBITDA margins while managing costs effectively [44] Question: OPay IPO timing - Management expressed excitement about OPay's performance and indicated that while an IPO is a natural next step, no specific timing has been confirmed [65]

Core Insights - Opera has launched Opera Neon, an experimental AI-powered browser aimed at AI power users, now available to the public after a closed "Founders" phase [1][2][4] - The subscription for Opera Neon is priced at $19.90 per month, providing access to advanced AI models and features [3][8] Product Overview - Opera Neon is designed to utilize AI agents for performing tasks and coding web applications, distinguishing it from standard web browsers [2] - The browser integrates top-tier AI models, including Gemini 3 Pro and GPT 5.1, into a single workspace, allowing users to avoid multiple subscriptions [5][10] Community Engagement - Subscribers gain access to an exclusive Discord community for testing features, discussing product development, and influencing the browser's roadmap [7] Availability and Features - Opera Neon is available for download at $19.90 per month, while Opera's main browsers continue to offer free AI features [8] - Current features include tools for booking trips, building websites, generating videos, and conducting deep research with the ODRA agent [10]

Core Insights - Opera (OPRA) is launching new AI capabilities across its web browsers, including Opera One, Opera GX, and Neon, in response to increasing competition in the tech industry to enhance user browsing experiences [1] Group 1 - The new AI features aim to make browsing more agentic, indicating a shift towards more interactive and personalized user experiences [1]

Core Insights - Opera is enhancing its browser capabilities by integrating advanced AI features, providing over 80 million users with free access to the latest Opera browser AI through its Opera One, Opera GX, and Opera Neon browsers [1][2][3] AI Integration and Features - The new Opera AI functions as a side panel, allowing users to interact with it in relation to any webpage, enabling tasks such as research, content summaries, and comparisons across tabs [2] - The AI engine has been redesigned for improved speed, delivering responses 20% faster, and includes features for voice input/output and file analysis across various formats [2] - Privacy features are emphasized, giving users control over the context shared with Opera AI [2] Partnership with Google - The partnership with Google is crucial for Opera, allowing the integration of the latest Gemini models into its browser AI, enhancing user experience with native search and AI features [3][4] - This collaboration is seen as a step towards setting new standards for AI-powered user experiences in browsing [4] Market Performance and User Engagement - Opera reported a 17% annual increase in query revenue, indicating successful monetization of user-initiated actions beyond traditional search, reflecting the growing use of AI tools [3] - The browser is positioned as a key interface for AI, leveraging real-time context from users' browsing activities to provide more relevant assistance [5] Future Outlook - The shift towards AI-powered search is expected to drive deeper user engagement, aligning with Opera's long-term strategy to enhance user experience through innovative products [6]

Core Insights - Opera has experienced significant growth in daily active iOS users in Europe, nearly tripling over the past two years, with France seeing a fivefold increase in the same period, highlighting the impact of the Digital Markets Act (DMA) on browser competition in the EU [1][2][5] User Growth - The growth rate of daily active users in Europe accelerated from 57% in the first 12 months to 88% in the last 12 months ending October 2025, making iOS Opera's fastest-growing platform [2][6] - Opera's unique features and design have resonated well with users, contributing to the increase in daily active users [3][4] Product Innovations - Opera has introduced several unique features, such as a free VPN and integrated browser AI, which have enhanced its appeal in the iOS ecosystem [4][8] - The launch of Opera One for iOS marked a complete redesign aimed at improving the browsing experience on iPhones, addressing user frustrations with tab management [4][8] Market Opportunities - The implementation of the DMA has provided a browser choice ballot screen for nearly 400 million smartphone users in the EU, with a survey indicating that 80% of Europeans are open to trying new browsers [5][10] - The combination of unique products and increased awareness efforts has fueled Opera's growth on iOS [5] Financial Performance - Opera reported $152 million in revenue for the most recent quarter, reflecting a 23% year-over-year increase, with a 17% growth in browser-based query revenue [6] - The company has maintained a 24% adjusted EBITDA margin, marking its 18th consecutive quarter as a Rule-of-40 company, indicating strong business fundamentals [6]

Financial Data and Key Metrics Changes - The company reported a year-over-year revenue growth of 23%, reaching a record $152 million in the third quarter, exceeding the guidance of 18%-21% growth [11][12] - Annualized ARPU crossed $2 per user, growing 28% year over year to $2.13 [11] - Adjusted EBITDA reached $36.3 million, marking a new quarterly record and an adjusted EBITDA margin of 24% [11][12] Business Line Data and Key Metrics Changes - MiniPay's non-custodial wallets grew to over 10.5 million, with transactions increasing to almost 310 million [16] - Opera GX ended the quarter with 33 million users, up 3% year over year, and achieved a new ARPU record of $3.69 [17] Market Data and Key Metrics Changes - E-commerce revenue streams have doubled year-over-year, indicating strong growth potential [34] - Advertising revenue grew 27% year-over-year to $95.9 million, with e-commerce being the primary driver [22] Company Strategy and Development Direction - The company is focusing on AI integration within its browsers, particularly with the launch of Opera Neon, which aims to enhance user experience through advanced AI functionalities [10][15] - The strategic positioning emphasizes a browser-agnostic approach to AI, allowing users to utilize various large language models without being locked into a single provider [9][68] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory, raising the revenue guidance for 2025 to $600 million-$603 million, reflecting a 25% growth over 2024 [25][26] - The company is well-positioned to capitalize on the increasing demand for alternative browsers as users consider switching [11][12] Other Important Information - The company was recognized by Fortune magazine as one of the 100 fastest-growing companies in 2025 based on revenue, profits, and stock returns [12] - The launch of Opera Neon is seen as a significant step towards transforming web browsing, with a focus on user feedback and community building [31][33] Q&A Session Summary Question: What traction has Opera Neon seen since its launch? - The launch has been well-received, with significant media coverage and positive feedback from early users, although it remains invitation-based for now [31][33] Question: How does the company view the growth of e-commerce? - E-commerce revenue streams have been rapidly scaling, with expectations of continued growth as the company is still under-indexing in the online advertising market [34] Question: What are the adoption trends for the Neon browser? - Early feedback indicates that users appreciate the efficiency and task-based architecture of Neon, which allows for faster execution of tasks compared to competitors [39][40] Question: How is the current demand environment for digital advertising? - The company sees a growing trend in performance-based e-commerce advertising, with year-over-year growth exceeding 100% [48] Question: What is the outlook for MiniPay's growth? - MiniPay is already generating revenue and is expected to expand further through partnerships, with plans to enhance its integration into various markets [50][71] Question: What are the competitive advantages of Opera Neon? - The browser's horizontal approach allows it to work with various AI models, providing users with flexibility and efficiency without being locked into a single provider [68]

Financial Data and Key Metrics Changes - The company reported a year-over-year revenue growth of 23%, reaching a record $152 million in the third quarter, exceeding the guidance of 18% to 21% growth [10][19] - The annualized ARPU crossed $2 per user, growing 28% year over year to $2.13 [10] - Adjusted EBITDA reached $36.3 million, marking a new quarterly record and translating to an adjusted EBITDA margin of 24% [10][19] - The updated revenue guidance for 2025 is now between $600 million and $603 million, representing a 25% growth over 2024 [24] Business Line Data and Key Metrics Changes - MiniPay has grown the number of non-custodial wallets to over 10.5 million, up from 9 million, with transactions increasing to almost 310 million from 250 million [16] - Opera GX ended the quarter with 33 million users, up 3% year over year, and achieved a new ARPU record of $3.69 on an annualized basis [17] Market Data and Key Metrics Changes - E-commerce revenue streams have doubled year-over-year, indicating strong growth potential in this segment [33] - Advertising revenue grew 27% year-over-year to $95.9 million, with e-commerce being the primary driver [21] Company Strategy and Development Direction - The company is focusing on AI integration within its browsers, particularly with the launch of Opera Neon, which showcases a task-based system for AI assistance [12][14] - Opera aims to maintain a competitive edge by being agnostic to underlying large language models, allowing for a more flexible and user-friendly browsing experience [6][63] - The company is positioning itself to capture a growing segment of users who are considering switching browsers, emphasizing innovation and reliability [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strategic position in the evolving AI landscape and the potential for growth in browser usage [4][10] - The company noted that the broader recognition of web browsers' strategic importance is increasing, with significant investments from AI companies [5] - Management highlighted the importance of user feedback in shaping the future of Opera Neon and the overall product strategy [30][40] Other Important Information - The company was recognized by Fortune magazine as one of the 100 fastest-growing companies in 2025 based on revenue, profits, and stock returns [11] - The company maintains a solid financial position with cash at $119 million and no financial debt [23] Q&A Session Summary Question: What traction has Opera Neon seen since its launch? - The launch of Opera Neon has been well received, with significant media coverage and positive feedback from early users, although it remains invitation-based for now [30][32] Question: How does the company view the growth of e-commerce? - E-commerce revenue streams have been rapidly scaling, with expectations of continued growth as the company develops deeper partnerships with leading players in the market [33][34] Question: What is the current demand environment for digital advertising? - The demand for performance-based e-commerce advertising remains strong, with the company experiencing over 100% year-over-year growth in this segment [47][48] Question: What are the plans for MiniPay's growth and monetization? - MiniPay is already generating revenue through partnerships, with plans to reinvest earnings into marketing and expanding its user base [66] Question: What is the outlook for Opera GX's user base? - While the user base for Opera GX has plateaued, there are still growth opportunities in various regions, and the company is optimistic about future developments [68]

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 ...