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OPERA October 2025 Q3 2025 INVESTOR PRESENTATION
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OPERA INVESTOR PRESENTATION / 2 October 2025 SAFE HARBOR STATEMENT & DISCLAIMERS ThispresentationhasbeenpreparedbyOperaLimited(the“Company”)forinvestors,solelyforinformationalpurposes. Thispresentationcontains“forward-looking”statementswithinthemeaningofSection27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,as amended,andasdefinedinthePrivateSecuritiesLitigationReformActof1995.Theseforward-lookingstatementsincludebutarenotlimitedtoourmanagementquotesandourfinancialoutlook forthefourthquarterof2025andforfiscalyear2025. Ourforward-lookingstatementsarenothistoricalfactsbutinsteadrepresentonlyourbeliefregardingexpectedresultsandevents,manyofwhich,bytheirnature,areinherentlyuncertainand outsideofourcontrol.Ouractualresultsandothercircumstancesmaydiffer,possiblymaterially,fromtheanticipatedresultsandeventsindicatedintheseforward-lookingstatements.Announced resultsforthethirdquarterof2025arepreliminary,unauditedandsubjecttoauditadjustment.Inaddition,wemaynotmeetourfinancialoutlookforthefourthquarterof2025andforfiscalyear 2025andmaybeunabletogrowourbusinessinthemannerplanned.Wemayalsomodifyourstrategyforgrowth.Inaddition,thereareotherrisksanduncertaintiesthatcouldcauseouractual resultstodifferfromwhatwecurrentlyanticipate,includingthoserelatingtoourgoalsandstrategies;ourexpecteddevelopmentandlaunch,andmarketacceptance,ofourproductsandservices; ourexpectationsregardingdemandforandmarketacceptanceofourbrand,platformsandservices;ourexpectationsregardinggrowthinouruserbaseandlevelofengagement;ourabilityto attract,retainandmonetizeusers;ourabilitytocontinuetodevelopnewtechnologiesand/orupgradeourexistingtechnologies;quarterlyvariationsinouroperatingresultscausedbyfactors beyondourcontrol;andglobalmacroeconomicconditionsandtheirpotentialimpactinthemarketsinwhichwehavebusinesses.Foradditionalinformationontheseandotherimportantfactors thatcouldadverselyaffectourbusiness,financialcondition,resultsofoperations,andprospects,pleaseseeourfilingswiththeU.S.SecuritiesandExchangeCommission. Allinformationprovidedinthispresentationisasofthedateofthepresentation.Weundertakenoobligationtoupdateanyforward-lookingstatement,whetherasaresultofnewinformation, futureeventsorotherwise,afterthedateofthisrelease,exceptasrequiredbylaw. Certainoftheinformationincludedhereinwasobtainedfromvarioussources,includingthirdparties,andhasnotbeenindependentlyverifiedbytheCompany. InadditiontotheIFRSfinancials,thispresentationmayincludecertainnon-IFRSfinancialmeasures.Thesenon-IFRSfinancialmeasures,whichmaydifferfromsimilarlytitledmeasuresusedby othercompanies,arepresentedtoenhanceinvestors’overallunderstandingofourfinancialperformanceandshouldnotbeconsideredasubstitutefor,orsuperiorto,thefinancialinformation preparedandpresentedinaccordancewithIFRS.
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OPERA INVESTOR PRESENTATION / 3 October 2025 FOCUSED ON ENABLING THE BEST POSSIBLE INTERNET BROWSING EXPERIENCE ACROSS ALL DEVICES WE ARE
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OPERA INVESTOR PRESENTATION / 4 October 2025 OPERA TODAY 18 Quarters of Rule of 40 Performance Driven by Organic Growth1 ~284MQ3’25 Average MAUs2 1Calculatedasrevenuegrowthplusadj.EBITDAmargin.2Roundedfigure.SeeAppendixfordefinitions.3AsofSeptember30,2025. 4SeeappendixfordefinitionofARPU.5MidpointofguidanceprovidedonOctober29,2025. 2.9xARPU Growth Over Last 4 Years4 $477MReturned to Shareholders Since 20203 58MWestern Markets MAU2 $601M+25% Growth 2025 Revenue Guidance5 $140M23% Margin 2025 Adj. EBITDA Guidance5
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OPERA INVESTOR PRESENTATION / 5 October 2025 WHY OPERA? WHY NOW? PROFITABLE ORGANIC GROWTH01 PROVEN MONETIZATION MODEL02 INNOVATION IS IN OUR DNA 04 LOYAL & ATTRACTIVE USER BASE03 LEADING INDEPENDENT BROWSER05 NATIVE AI INTEGRATION + AGENTIC BROWSING06
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OPERA INVESTOR PRESENTATION / 6 October 2025 Opera Air Opera One Opera GX Opera for iOS Opera for Android Opera GX Opera Mini Desktop Mobile Opera Neon
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OPERA INVESTOR PRESENTATION / 7 October 2025 OUR USERS –EVERYWHERE, ON EVERY DEVICE 284MTotal MAUs1 81MPC MAUs 203M Mobile MAUs 1 As of Q3 2025 and represents rounded figures. See Appendix for definition of MAU 2Source: Statista publication as of October 20, 2025. Global Internet TAM ex. China 3Rounded figure. See Appendix for definitions ~6%of Global Internet Users2 25M MAUs in Western Markets3 33MMAUs in Western Markets3
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OPERA INVESTOR PRESENTATION / 8 October 2025 A HISTORY OF INNOVATION First to introduce tabs 1996 Firstwith built-in web search 2000 First full web browser on smartphones 2002 First to Sync PC and Mobile 2006 Firstwith native ad blocker 2015 First with browser VPN 2016 Firstbrowser for gamers 2019 Firstwith native AI 2023 Firstwith local LLMs 2024 Firstmindfulness browser 2025
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OPERA INVESTOR PRESENTATION / 9 October 2025 ` 2023 2024 2025 WE WERE THE FIRST THEN WE CONTINUED AND NOW WE AIM FOR… 1st 1st 1st Browser with integrated ChatGPT Browser with multi-LLM AI engine Browser built-in AI, free to use, with search 1st Browser with local LLMs Manager ARIA more accessible •Image generation •Voice output •Writing mode 1.0 •Other features Tab Commands accountless privacy-first Context-aware AI availablenow Agentic browsing first test ready OperaNeon Browser limitedrelease
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OPERA INVESTOR PRESENTATION / 10 October 2025 OPERA ONE AI
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OPERA INVESTOR PRESENTATION / 11 October 2025 ARIA
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OPERA INVESTOR PRESENTATION / 12 October 2025 OPERA NEON: BUILT TO ACT
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OPERA INVESTOR PRESENTATION / 13 October 2025 FROM CHATBOTS TO ASSISTANTS Works on your tasks, interprets the web, manages tabs, acts when you command and helps you move faster Neon Chat Neon Do Neon Make
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OPERA INVESTOR PRESENTATION / 14 October 2025 GX: OUR BROWSER TAILORED FOR GAMERS FAST GROWING PROFITABLE HIGHEST ARPU ACROSS PRODUCTS GAMING SEGMENT-DEDICATED BROWSER AI INTEGRATION 1Cumulative rating from internal company surveys conducted with users since launch
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OPERA INVESTOR PRESENTATION / 15 October 2025 WHAT MAKES GX DIFFERENT? RAM, CPU and Network Limiters Built-in Free VPN Twitch and Discord Integration Release Calendar Force Dark Mode Design Customization Floating Window Built-in Ad Blocker
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OPERA INVESTOR PRESENTATION / 16 October 2025 WEB USERS 4.7B PC GAMERS 1.8B GEN-Z 2.5B Estimated TAM: 400M+ WHY GAMERS? 33MGX users: 8% penetration4 1 2 3 5
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OPERA INVESTOR PRESENTATION / 17 October 2025 OUR FOCUS –GROWING HIGH ARPU USERS WESTERN MARKETS –USERS1 ANNUALIZED ARPU 1Rounded figure. See Appendix for definitions. 2 Calculated based on 3Q25 growth over 3Q21. GX BROWSER –USERS $2.13 4Q21 4Q243Q244Q231Q24 3Q253Q21 1Q222Q223Q224Q221Q23 3Q232Q23 2Q24 1Q252Q25 $0.75 2.9xARPU growth over last 4 years 3Q24 3Q253Q21 3Q22 3Q23 33M 12M 165%Growth 2 58M 44M 31%Growth2 3Q24 3Q253Q21 3Q22 3Q23
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OPERA INVESTOR PRESENTATION / 18 October 2025 OUR BRAND A Key Driver for Our Business, as We Continue to Innovate and Invest in Our Growth BRAND AWARENESS1 44%60%71% 84% Source: Opera Survey, % of respondents selecting Opera from sample size of 3.5k in the US, 1k in the UK, 2.3k in Germany, and2.3k in Brazil. 1 Which of these desktop browsers have you heard of before?
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OPERA INVESTOR PRESENTATION / 19 October 2025 OUR REVENUE MODEL 1 Represents rounded figures for 3Q25 revenue composition and includes technology licensing and other revenue 2 Query revenue is based on driving traffic to search and other monetization partners as a response to users’ proactive intent to seek information Q3 Revenue Composition1 Query 37% Advertising 63% Other1 <1% And Other Query Partners 2
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OPERA INVESTOR PRESENTATION / 20 October 2025 ADVERTISING Speed Dials: premium positioning on landing page Opera Ads: self-serve DSP for owned and operated, partner network 63% of revenue in 3Q251 27% year-over-year growth in 3Q25 1 Represents rounded figures
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OPERA INVESTOR PRESENTATION / 21 October 2025 QUERY Search queries: we benefit through our revenue share agreements Other queries: natively integrating partner promotions relevant to user prompts Deep partnerships, including >20 years with Google 37% of revenue in 3Q251 17% year-over-year growth in 3Q25 1 Represents rounded figures 1 Represents rounded figures
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OPERA INVESTOR PRESENTATION / 22 October 2025 IT TAKES A LOT OF TALENT TO BUILD A BROWSER EUROPEAN OFFICES: FRANCE, GERMANY, NORWAY, POLAND, SPAIN SWEDEN, UK
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OPERA INVESTOR PRESENTATION / 23 October 2025 EXPERIENCED & PROVEN LEADERSHIP Lin Song CEO 23 years Frode Jacobsen CFO 12 years Yahui Zhou Executive Chairman 9 years Jørgen Arnesen EVP Mobile 15 years Krystian Kolondra EVP Browsers 19 years Per Wetterdal EVP Commercial 17 years Note: Years of experience represents tenure at Opera
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OPERA INVESTOR PRESENTATION / 24 October 2025 FINANCIAL OVERVIEW
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OPERA INVESTOR PRESENTATION / 25 October 2025 STRONG MULTI- YEAR ORGANIC REVENUE GROWTH $601M25% Growth 2025 revenue guidance1 Revenue ($ in millions) Query Advertising Other 1Midpoint of guidance delivered on October 29, 2025 $164M12% Growth 4Q 2025 revenue guidance1 4Q24 2Q251Q25 4Q25E2Q241Q222Q223Q224Q221Q232Q23 1Q243Q234Q23 3Q24 3Q25 $160 $0 $20 $40 $60 $80 $100 $140 $120
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OPERA INVESTOR PRESENTATION / 26 October 2025 ACCOMPANIED BY SOLID EBITDA EXPANSION 2021 Adj. EBITDA ($ in millions) $115M $68M $140M1 $25M $94M 2022 2023 2025E2024 Adj. EBITDA Margin 24%12% 21% 23%124% $140M23% Margin 2025 adj. EBITDA guidance1 $39M24% Margin 4Q 2025 adj. EBITDA guidance1 1Midpoint of guidance delivered on October 29, 2025
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OPERA INVESTOR PRESENTATION / 27 October 2025 12% 21% 24% 24% 23% 9% 8% 9% 6% 5% 25% 20% 17% 15% 13% 48% 35% 28% 27% 24% 5% 16% 23% 28% 35% 2021 2022 2023 2024 2025E Adjusted EBITDA Other OpEx Pre-adj. EBITDA Cash-based Compensation Marketing Cost of Revenue HEALTHY AND CONSISTENT EBITDA MARGINS AS BUSINESS SCALES Adj. EBITDA ($ millions) 29 68 94 115 140 Cost and adj. EBITDA as % of Revenue 1 1 Illustrative of directional cost commentary delivered on October 29, 2025
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OPERA INVESTOR PRESENTATION / 28 October 2025 Operating Cash Flow 92% 83% 88% 91% Free Cash Flow From Operations 54% 63% 77% 61% % of adj. EBITDA % of adj. EBITDA 77% Ex-Iceland AI Cluster CapEx HEALTHY CASH FLOW WITH STABLE CONVERSION OF PROFIT TO CASH $27 $57 $83 $105 2021 2022 2023 2024 $70 $19 $16 $43 $72 $89 2021 2022 2023 2024 Iceland AI Cluster CapEx
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OPERA INVESTOR PRESENTATION / 29 October 2025 CONSISTENT RULE OF 40 FINANCIAL PERFORMANCE 47% 3Q 2025 revenue growth + adj. EBITDA margin 18 Consecutive quarters of Rule of 40 Rule of 40 0% 20% 40% 60% 80% 85% 69%68% 49%51%53%56% 47%43%43%42%41%41%45% 53% 63% 53% 47% Actual Performance vs. Guidance Revenue EBITDA Met or Exceeded Guidance Below GuidanceP O PP PPPPPPPPP PP P PPPPPPPPP PP P PP P P P P % Adj. EBITDA Margin % Revenue Growth P P 3Q21 2Q244Q211Q222Q223Q224Q221Q232Q23 1Q243Q234Q23 1Q253Q244Q24 2Q253Q252Q21 P P
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OPERA INVESTOR PRESENTATION / 30 October 2025 COMMITMENT TO ONGOING CAPITAL RETURNS Since 2020 we have returned ~$477 million1 to our shareholders, consisting of: Repurchased 35.5 million ADS for $228 million, representing 30% of shares outstanding at the start of 2020 Issued our first special dividend of $0.80 per ADS for $71 million in January 2023 Mid-2023 launch of recurring dividend of $0.80 per ADS per year, paid semi-annually, totaling $178 million to date $377MCash and OPay Stake Supported by a strong balance sheet2 1 As of September 30, 2025 2 $119.0M cash and $258.3M investment (9.4% stake) in OPay as of September 30, 2025
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OPERA INVESTOR PRESENTATION / 31 October 2025 IN CONCLUSION At scale, growing profitably and aligned with key industry mega– trends Organic & Profitable Growth Recurring Capital Returns Strong Balance Sheet
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OPERA INVESTOR PRESENTATION / 32 October 2025 APPENDIX
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OPERA INVESTOR PRESENTATION / 33 October 2025 Definitions Monthly Active Users (MAU) “MAUs” or “monthly active users” refers to the average number of active users of any month (within a given period), calculated as of its final day using a 30-day lookback window. “active user” refers to a user, calculated based on device identification, that has accessed one of our mobile browsers, PC browsers or other applications (including white-label versions thereof) at least once during a given period. A unique user that is active in more than one of the applications on our platform is counted as more than one active user. “western markets MAUs” refers to MAUs in North America, Europe (excluding CIS), Israel and Turkey, and represents rounded figures. ARPU “ARPU” refers to the annualized sum of quarterly query and advertising revenue, per average quarterly MAU.
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OPERA INVESTOR PRESENTATION / 34 October 2025