Q2 2026 Opera Ltd Earnings Call Transcript

Aug 19, 2026 / 12:00 PM GMT

Transcript

Key Points

Positve

Opera Ltd (OPRA) delivered strong Q2 2026 results, with revenue growing 25% year-over-year to $178.1 million and adjusted EBITDA up 32% to $42.4 million, both exceeding the top of guidance.
The company raised its full-year 2026 guidance for both revenue and adjusted EBITDA, reflecting confidence in its elevated growth trajectory.
Advertising revenue grew 27% year-over-year to $115 million, driven by e-commerce and the expansion of its Opera Ads platform, which now reaches a total addressable audience of over 700 million users.
Opera Ltd (OPRA) is successfully monetizing AI-driven engagement, with query revenue in Western markets growing at 1.4 times the global average (29% year-over-year), and users engaging with AI spending significantly more time in the browser.
The company's strategic initiatives are gaining traction, including the launch of Browser Connector for AI services like ChatGPT and Claude, strong user growth in Western markets (mobile MAUs up 8% year-over-year), and rapid scaling of MiniPay, which now has 18 million wallets and 518 million transactions.
Opera Ltd (OPRA) continues to return significant capital to shareholders, having returned $577 million since 2020 through dividends and buybacks, and maintains a low CapEx business model with strong cash conversion.
Opera GX reached 37 million monthly active users, adding almost 2 million users in the quarter, driven by AI integration and deeper partnerships within the gaming ecosystem.
The company is seeing a positive mix shift towards higher-value users, with ARPU increasing 25% year-over-year to $2.46, as the low-ARPU base phases out.
Management highlighted that the non-search part of query revenue is growing over 200% year-over-year, representing an increasingly important and high-potential revenue stream.
Opera Ltd (OPRA) is expanding its AI strategy with the open-source Opera Browser CI, positioning the browser as programmable infrastructure for next-generation AI applications and reinforcing its independent, partner-oriented stance.

Negative

Opera Ltd (OPRA) faces a valuation disconnect, with the stock trading at 6.5 times next year's EBITDA, implying market skepticism about the durability of its growth trajectory.
The company's cost of revenue is expected to tick up to about 39% of revenue for the full year, reflecting the growing mix of third-party inventory in its advertising business.
MiniPay, while growing rapidly, is still in its early stages, and management acknowledged that monetization is not yet a priority, with the focus remaining on user acquisition and infrastructure build-out.
Opera GX user growth is subject to seasonality, with the summer months (July and August) typically being a low season due to users being away from their computers.
The company's growth is partly dependent on the evolving regulatory environment and partnerships with major players like Google, which could introduce uncertainties or changes in commercial terms.
While the non-search query revenue is growing rapidly, it is still in the single-digit millions, indicating that it has not yet made a material contribution to overall financials.
The company's cash-based compensation increased in Q2 due to accelerated annual bonus accruals, which could pressure margins if performance continues to exceed expectations.
Opera Ltd (OPRA) is investing in new initiatives like AI-supported price comparisons and travel campaigns, which are still in early stages and may not yield immediate returns.
The company's reliance on third-party inventory for its advertising platform could lead to structurally lower gross margins over time, even if overall EBITDA margins improve.
Management could not provide a timeline for the potential IPO of OPay, leaving uncertainty around the realization of value from its founding stake.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

OPRA.OQ - Opera Ltd
Q2 2026 Opera Ltd Earnings Call
Aug 19, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the Opera Unlimited Second Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode.

After the speaker's presentation, there will be a question-and-answer session. To ask a question during this period, you will need to press *1 on your telephone keypad.

If you want to remove yourself from the queue, please press *2. Please be advised that today's call is being recorded. Lastly, if you should need assistance, please press *0. I would now like to turn the call over to your speaker today, Matt Wolfman, Head of Investor Relations. Please go ahead.

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Unidentified_2 [2]
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