Opera Limited · NASDAQ:OPRA
Opera — Q2 2025 Earnings Presentation
32 slides from Opera's earnings presentation, Aug 19, 2025
Slide 1: Investor Presentation Q2 2025
OPERA August 2025 INVESTOR PRESENTATION Q2 2025
Slide 2: Safe Harbor Statement & Disclaimers
OPERA INVESTOR PRESENTATION / 2 August 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 Secu
Slide 3: Focused on enabling the best possible internet browsing experience
OPERA INVESTOR PRESENTATION / 3 August 2025 WE ARE FOCUSED ON ENABLING THE BEST POSSIBLE INTERNET BROWSING EXPERIENCE ACROSS ALL DEVICES
Slide 4: Opera Today
OPERA INVESTOR PRESENTATION / 4 August 2025 OPERA TODAY ~289M $477M Q2’25 Average MAUs2 Returned to Shareholders Since 20203 58M 3.1x 17 Quarters Western Markets MAU2 ARPU Growth Over of Rule of 40 Last 4 Years4 Performance Driven by Organic Growth1 $591M $138M +23% Growth 23% Margin 2025 Revenue Gu
Slide 5: Why Opera? Why Now?
OPERA INVESTOR PRESENTATION / 5 August 2025 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
Slide 6: Desktop and Mobile browsers
OPERA INVESTOR PRESENTATION / 6 August 2025 Desktop Mobile Opera for iOS Opera for Android Opera GX Opera Mini
Slide 7: Our Users – Everywhere, on Every Device
OPERA INVESTOR PRESENTATION / 7 August 2025 OUR USERS –EVERYWHERE, ON EVERY DEVICE 289M ~7% Total MAUs1 of Global Internet Users2 83M 34M PC MAUs MAUs in Western Markets3 206M 24M Mobile MAUs MAUs in Western Markets 1 As of Q2 2025 and represents rounded figures. See Appendix for definition of MAU 2
Slide 8: A History of Innovation
OPERA INVESTOR PRESENTATION / 8 August 2025 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 2019
Slide 9: We Were the First, Then We Continued, Now We Aim For
OPERA INVESTOR PRESENTATION / 9 August 2025 WE WERE THEN WE AND NOW THE FIRST CONTINUED WE AIM FOR… 2023 2024 2025 Browser with integrated 1st 1st Browser with local LLMs Manager Context-aware AI coming soon ChatGPT ` ARIA more accessible accountless Agentic browsing first test ready Browser with mu
Slide 10: Opera One
OPERA INVESTOR PRESENTATION / 10 August 2025 AI OPERA ONE
Slide 11: Aria
OPERA INVESTOR PRESENTATION / 11 August 2025 ARIA
Slide 12: GX: Our Browser Tailored for Gamers
OPERA INVESTOR PRESENTATION / 12 August 2025 GX: OUR BROWSER TAILORED FOR GAMERS GAMING SEGMENT-DEDICATED BROWSER AI INTEGRATION FAST GROWING PROFITABLE 33M USERS HIGHEST ARPU ACROSS PRODUCTS 1 Cumulative rating from internal company surveys conducted with users since launch
Slide 13: What Makes GX Different?
OPERA INVESTOR PRESENTATION / 13 August 2025 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 14: GX Aria
OPERA INVESTOR PRESENTATION / 14 August 2025 GX ARIA AI Chat helping you find information instantly
Slide 15: Why Gamers?
OPERA INVESTOR PRESENTATION / 15 August 2025 WHY GAMERS? WEB USERS 4.5B 1 33M GX users: PC GAMERS 1.8B 2 8% penetration 4 Estimated TAM: 400M+ 5 GEN-Z 2.5B 3
Slide 16: Our Focus – Growing High ARPU Users
OPERA INVESTOR PRESENTATION / 16 August 2025 OUR FOCUS – GROWING HIGH ARPU USERS WESTERN MARKETS – USERS1 GX BROWSER – USERS 33M 58M 46M 10M ANNUALIZED ARPU $1.97 3.1x ARPU growth over last 4 years $0.64 1 Calculated based on MAUs in North America and Europe (excluding CIS, restated to include Israe
Slide 17: Our Brand
OPERA INVESTOR PRESENTATION / 17 August 2025 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 2.3
Slide 18: Our Revenue Model
OPERA INVESTOR PRESENTATION / 18 August 2025 OUR REVENUE MODEL Q2 Revenue Composition1 Other1 <1% Search 35% Advertising 65% 1 Represents rounded figures for 2Q25 revenue composition and includes technology licensing and other revenue
Slide 19: Advertising
OPERA INVESTOR PRESENTATION / 19 August 2025 ADVERTISING Speed Dials: premium positioning on landing page Opera Ads: self-serve DSP for owned and operated, partner network 65% of revenue in 2Q251 44% year-over-year growth in 2Q25 1 Represents rounded figures
Slide 20: Search
OPERA INVESTOR PRESENTATION / 20 August 2025 SEARCH Search queries: we benefit through our revenue share agreements Deep partnerships, including >20 years with Google 35% of revenue in 2Q251 11% year-over-year growth in 2Q25 1 Represents rounded figures 1 Represents rounded figures
Slide 21: It Takes a Lot of Talent to Build a Browser
OPERA INVESTOR PRESENTATION / 21 August 2025 IT TAKES A LOT OF TALENT TO BUILD A BROWSER EUROPEAN OFFICES: FRANCE, GERMANY, NORWAY, POLAND, SPAIN SWEDEN, UK
Slide 22: Superior Leadership Team with 90+ Years Combined Experience at Opera
OPERA INVESTOR PRESENTATION / 22 August 2025 SUPERIOR LEADERSHIP TEAM WITH 90+ YEARS COMBINED EXPERIENCE AT OPERA Yahui Zhou Lin Song Frode Jacobsen Chairman & CEO Co-CEO CFO 9 years 23 years 12 years Jørgen Arnesen Krystian Kolondra Per Wetterdal EVP Mobile EVP Browsers EVP Commercial 15 years 18 y
Slide 23: Financial Overview
OPERA INVESTOR PRESENTATION / 23 August 2025 FINANCIAL OVERVIEW
Slide 24: Strong Multi-Year Organic Revenue Growth
OPERA INVESTOR PRESENTATION / 24 August 2025 STRONG MULTI- YEAR ORGANIC Revenue Search Advertising Other ($ in millions) REVENUE GROWTH $148M 20% Growth 3Q 2025 revenue guidance1 $591M 23% Growth Total % YoY Growth 2025 revenue guidance1 1 Midpoint of guidance delivered on August 19, 2025
Slide 25: Accompanied by Healthy EBITDA Margins
OPERA INVESTOR PRESENTATION / 25 August 2025 ACCOMPANIED BY HEALTHY Adj. EBITDA ($ in millions) $138M1 EBITDA MARGINS $115M $94M $35M $68M 24% Margin 3Q 2025 Adj. EBITDA guidance1 $25M $138M 23% Margin 2021 2022 2023 2024 2025E 2025 Adj. EBITDA guidance1 Adj. EBITDA Margin 12% 21% 24% 24% 23%1 1 Mid
Slide 26: OPERA INVESTOR PRESENTATION / 26 August 2025
OPERA INVESTOR PRESENTATION / 26 August 2025 * Illustratiive of directional cost commentary as discussed on the on the August 19th, 2025 earnings call
Slide 27: Consistent Rule of 40 Financial Performance
OPERA INVESTOR PRESENTATION / 27 August 2025 CONSISTENT RULE OF 40 Rule of 40 % Revenue Growth FINANCIAL 85% % Adj. EBITDA Margin PERFORMANCE 69% 68% 63% 56% 49% 51% 53% 53% 53% 47% 53% 43% 43% 42% 41% 41% 45% 2Q 2025 revenue growth + Adj. EBITDA margin 17 Actual Performance vs. Guidance Consecutive
Slide 28: A History of Capital Returns
OPERA INVESTOR PRESENTATION / 28 August 2025 A HISTORY OF CAPITAL RETURNS Since 2020 we have returned ~$477 million1 to our shareholders, consisting of: Supported by a strong balance Repurchased 35.5 million ADS for $228 million, sheet2 representing 30% of shares outstanding at the $392M start of 20
Slide 29: In Conclusion
OPERA INVESTOR PRESENTATION / 29 August 2025 IN CONCLUSION Organic & At scale, growing Profitable profitably and aligned Growth with key industry mega– trends History of Strong Capital Balance Returns Sheet
Slide 30: Appendix
OPERA INVESTOR PRESENTATION / 30 August 2025 APPENDIX
Slide 31: Definitions
OPERA INVESTOR PRESENTATION / 31 August 2025 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, calcu
Slide 32: OPERA INVESTOR PRESENTATION / 32
OPERA INVESTOR PRESENTATION / 32 August 2025