Opera Limited

What they do

Opera develops and operates a portfolio of web browsers (Opera for PC and mobile, Opera GX, Opera Mini) and related apps, monetized primarily through advertising, search, and premium subscriptions. The company serves users in Western markets and Africa, and also offers fintech and news products in select regions. Active users are counted per device and per application, and ARPU is calculated from advertising and query revenue divided by average MAUs.

Revenue drivers

• Advertising — Primary revenue source, generated from display, native, and search ads delivered across Opera's browsers and apps; ARPU is calculated from advertising and query revenue divided by average MAUs.
• Search partnerships — Revenue from default search engine agreements and query-based distribution, part of the advertising and query revenue line that drives ARPU.
• Subscriptions and premium services — Revenue from premium browser features and other paid services, though the filing does not disclose the relative size of this segment.

Recent performance

The 20-F filed on March 27, 2026 covers fiscal year ended December 31, 2025, but no specific financial figures are provided in the excerpts. The company reported 89,648,056 ordinary shares outstanding at year-end and trades as an ADS on Nasdaq. Management highlights growth in AI-integrated browsers and expansion of reach as key performance indicators. ARPU and MAU data are not disclosed in the provided text.

Strategy

Opera is investing in AI features and large language model integration across its browser products to differentiate and drive user engagement. Management emphasizes growth in Western markets and continued monetization of its user base through advertising and search. The company also focuses on expanding its fintech and content offerings in Africa, where Opera Mini has strong penetration. Strategy includes leveraging its reach and audience extension software to grow advertising revenue.

Risks

• Dependence on search and advertising partners — Revenue is highly reliant on agreements with major search engines and ad networks; any renegotiation or loss could materially affect ARPU and total revenue.
• User counting methodology may inflate metrics — Active users are counted per device and per app, so a user on multiple devices or browsers is counted multiple times, which can overstate the true unique user base.
• Regulatory and legal exposure in multiple jurisdictions — Opera operates in the EEA, China, Western markets, and Africa, subjecting it to evolving data privacy, AI, and digital services regulations that could increase compliance costs or restrict features.
• Competition from large tech platforms — Opera competes with major browser and app providers with greater resources, and any shift in user preferences could reduce MAUs and ARPU.

Outlook

Management's forward-looking statements focus on sustaining growth through AI innovation and browser improvements. The company expects to continue expanding its user base in Western markets and increasing monetization via advertising and search. No specific numerical guidance is provided in the excerpts.