Opera (OPRA) Piper Sandler 4th Annual Growth Frontiers Conference summary

Business overview and product differentiation

• Operates as a Norwegian consumer internet company with nearly 300 million users and $600 million in revenue, growing over 20% year-over-year with positive EBITDA and dividend payments.

• Focuses on distinct browsers: Opera One for tech-savvy and design-oriented users, and Opera GX for gamers, which has the highest engagement and retention.

• Targets specific user segments rather than mass market, investing in awareness for high-engagement products like Opera GX.

Revenue streams and growth drivers

• Revenue split between search (revenue share from partners like Google) and advertising (active promotion of partners).

• E-commerce advertising initiative launched mid-last year, driving over 100% year-over-year growth, with major partners like Amazon, Temu, and Shein.

• Holds 3%-4% market share in key regions, with significant headroom for growth in a $100 billion market.

• Uses first-party browser data for targeted partner campaigns, expanding geographically as performance grows.

Search business and industry context

• Search revenue is high-margin and driven by user base growth and activity, outpacing Google’s own search revenue growth.

• User base in Western markets has grown 2-2.5x over five years, now at 58 million users.

• Recent Google antitrust ruling allows continued revenue sharing, with contracts now renewed annually.

• Partnership with Google spans 25 years, with close technical collaboration.