Opera (OPRA) investor relations material

Executive summary

• Achieved strong Q4 and full-year 2025 results, with revenue and adjusted EBITDA exceeding guidance midpoints by 8% and 7%, respectively.

• Annual revenue grew 28% year-over-year to $614.8 million, accelerating from 21% in 2024.

• Achieved 19 consecutive quarters of Rule of 40 performance, driven by organic growth, innovation, and AI integration across browser products.

• Launched new browsers (Opera Air, Opera Neon), expanded AI features, and grew MiniPay wallet to 13 million activated wallets.

• Ended 2025 with 284 million MAUs, including 60 million in Western markets, and ARPU up 26% to $2.49 in Q4.

Financial highlights

• Q4 revenue reached $177.2 million, up 22% year-over-year and 8% above guidance midpoint.

• Full-year 2025 revenue was $614.8 million, up 28% year-over-year.

• Adjusted EBITDA for Q4 was $42 million (23.6–24% margin); full-year adjusted EBITDA was $143 million (23% margin).

• Operating cash flow was $40 million in Q4 and $118 million for the year; free cash flow was $35 million in Q4 and $98 million for the year.

• Q4 advertising revenue grew 25% year-over-year to $114.4 million (65% of total revenue); query revenue up 16% to $62.3 million.

Outlook and guidance

• 2026 full-year revenue guidance: $720–$735 million (17–20% growth); adjusted EBITDA: $167–$172 million (23% margin midpoint).

• Q1 2026 revenue guidance: $169–$172 million (18–21% year-over-year growth); adjusted EBITDA: $38–$40 million (22.9–23% margin midpoint).

• Cost of revenue expected to be about 38% of revenue in 2026, with gross margin headwind of 2 percentage points.