Opera (OPRA) Citi’s 2025 Global Technology, Media and Telecommunications Conference summary

Business overview and strategy

• Operates globally with a 30-year history, focusing on browsers and related products, now serving 289 million monthly active users.

• Projects close to $600 million in revenue for the year, with 23% annual growth and a strong balance of profitability and growth.

• Maintains a long-standing partnership with Google, representing about one-third of revenue, with agreements now shifting to annual renewals.

• Focuses on high-ARPU users in Western markets, shifting away from low-revenue feature phone users in emerging markets.

• Marketing spend is about 30% of revenue, targeting specific user segments through influencers, tech media, and gaming communities.

Product portfolio and innovation

• Offers multiple browsers tailored to distinct user groups: Opera One for information workers, GX for gamers, Air for mindfulness, and Neon as an AI-centric browser.

• Differentiates by building feature-rich, non-default browsers, targeting users seeking alternatives to built-in options.

• Integrates AI natively in browsers, leveraging large language models from various providers to enhance productivity and user experience.

• Opera Neon, launching in the fall, will be a paid, AI-powered browser designed to automate tasks and streamline workflows for information workers.

• AI assistant Aria is available across products, with monetization strategies evolving as compute costs decrease and user engagement grows.

Revenue streams and financial performance

• Advertising now accounts for about two-thirds of revenue, outpacing search revenue due to rapid growth in partnerships and targeted content.

• E-commerce partnerships have accelerated, with revenue from this segment growing over 100% year-over-year.

• Predictable revenue streams are supported by data-driven marketing and user engagement analytics, enabling accurate forecasting.

• Western user base has grown by nearly 30% in four years, with ARPU tripling or quadrupling over the same period.

• Maintains a strong track record of meeting or exceeding revenue guidance, with only one EBITDA miss during the COVID-19 pandemic.