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OPERA February 2026 Q4 2025 INVESTOR PRESENTATION
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OPERA INVESTOR PRESENTATION / 2 February 2026 SAFE HARBOR STATEMENT & DISCLAIMERS This presentation has been prepared by Opera Limited (the “Company”) for investors, solely for informational purposes. This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes and our financial outlook for the first quarter of 2026 and for fiscal year 2026. Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the fourth quarter of 2025 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the first quarter of 2026 and for fiscal year 2026 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. In addition, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our goals and strategies; our expected development and launch, and market acceptance, of our products and services; our expectations regarding demand for and market acceptance of our brand, platforms and services; our expectations regarding growth in our user base and level of engagement; our ability to attract, retain and monetize users; our ability to continue to develop new technologies and/or upgrade our existing technologies; quarterly variations in our operating results caused by factors beyond our control; and global macroeconomic conditions and their potential impact in the markets in which we have businesses. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission. All information provided in this presentation is as of the date of the presentation. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Certain of the information included herein was obtained from various sources, including third parties, and has not been independently verified by the Company. In addition to the IFRS financials, this presentation may include certain non-IFRS financial measures. These non-IFRS financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS.
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OPERA INVESTOR PRESENTATION / 3 February 2026 FOCUSED ON ENABLING THE BEST POSSIBLE INTERNET BROWSING EXPERIENCE ACROSS ALL DEVICES WE ARE
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OPERA INVESTOR PRESENTATION / 4 February 2026 OPERA TODAY 19 Quarters of Rule of 40 Performance Driven by Organic Growth1 ~284M Q4’25 Average MAUs2 1 Calculated as revenue growth plus adj. EBITDA margin. 2 Rounded figure. See Appendix for definitions. 3 As of December 31, 2025. 4 See appendix for definition of ARPU. 5 Midpoint of guidance provided on February 26, 2026. 3.0x ARPU Growth Over Last 4 Years4 $513M Returned to Shareholders Since 20203 60M Western Markets MAU2 $728M +18% Growth 2026 Revenue Guidance5 $170M 23% Margin 2026 Adj. EBITDA Guidance5
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OPERA INVESTOR PRESENTATION / 5 February 2026 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 February 2026 Opera for iOS Opera for Android Opera GX Opera Mini Desktop Mobile
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OPERA INVESTOR PRESENTATION / 7 February 2026 OUR USERS –EVERYWHERE, ON EVERY DEVICE 284M Total MAUs1 86M PC MAUs 198M Mobile MAUs 1 As of Q4 2025 and represents rounded figures. See Appendix for definition of MAU 2 Source: Statista publication as of October 20, 2025. Global Internet TAM ex. China 3 Rounded figure. See Appendix for definitions ~6% of Global Internet Users2 25M MAUs in Western Markets3 34M MAUs in Western Markets3
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OPERA INVESTOR PRESENTATION / 8 February 2026 A HISTORY OF INNOVATION First to introduce tabs 1996 First with built-in web search 2000 First full web browser on smartphones 2002 First to Sync PC and Mobile 2006 First with native ad blocker 2015 First with browser VPN 2016 First browser for gamers 2019 First with native AI 2023 First with local LLMs 2024 First mindfulness browser 2025
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OPERA INVESTOR PRESENTATION / 9 February 2026 ` 2023 2024 2025 WE WERE THE FIRST THEN WE CONTINUED AND WE DELIVERED 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 available now Agentic browsing available now Opera Neon Browser available now
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OPERA INVESTOR PRESENTATION / 10 February 2026 OPERA ONE AI
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OPERA INVESTOR PRESENTATION / 11 February 2026 OPERA AI
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OPERA INVESTOR PRESENTATION / 12 February 2026
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OPERA INVESTOR PRESENTATION / 13 February 2026 A product that lets one person work with the confidence of a real organization. OPERA NEON Not an AI assistant, not a freelancer tool, not productivity software. A browser which becomes your workspace. Neon offer: deep research (ODRA), Cards for thinking-in- progress, task-based continuity, multi-agent workflows that stay under user control. You don’t need a compnay to operate at a high level. You are the company. Whether you’re running a team of ten or a company of one. You need a workspace that moves seamlessly between all the roles you play.
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OPERA INVESTOR PRESENTATION / 14 February 2026 GX: OUR BROWSER TAILORED FOR GAMERS FAST GROWING PROFITABLE HIGHEST ARPU ACROSS PRODUCTS GAMING SEGMENT-DEDICATED BROWSER AI INTEGRATION 1 Cumulative rating from internal company surveys conducted with users since launch
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OPERA INVESTOR PRESENTATION / 15 February 2026 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 February 2026 WEB USERS 4.7B PC GAMERS 1.8B GEN-Z 2.5B Estimated TAM: 400M+ WHY GAMERS? 34M GX users: 9% penetration4 1 2 3 5
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OPERA INVESTOR PRESENTATION / 17 February 2026 MINIPAY: GLOBAL MONEY. LOCAL FREEDOM. Local currencies to stables EUR, USD, KES, PLN, NGN Virtual accounts Personal US and EU bank account Deposit from any wallet or exchange Powered by Daimo Global P2P Using phone numbers Pay with MiniPay Integration with local RTP methods Virtual Card Apple/Google Pay + Web Mini Apps Airtime, vouchers, games, alternative investments Pay on Web
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OPERA INVESTOR PRESENTATION / 18 February 2026 13M+ Total Activated Wallets 60+ Countries 390M+ Total Transactions 3+ Stablecoins 40+ Currencies 1 Platform MINIPAY TODAY
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OPERA INVESTOR PRESENTATION / 19 February 2026 OUR FOCUS – GROWING HIGH ARPU USERS WESTERN MARKETS – USERS1 ANNUALIZED ARPU 1 Rounded figure. See Appendix for definitions. 2 Calculated based on 4Q25 growth over 4Q21. GX BROWSER – USERS $2.49 $0.83 3.0x ARPU growth over last 4 years 4Q24 4Q254Q21 4Q22 4Q23 34M 14M 60M 44M 4Q24 4Q254Q21 4Q22 4Q23
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OPERA INVESTOR PRESENTATION / 20 February 2026 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, and 2.3k in Brazil. 1 Which of these desktop browsers have you heard of before?
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OPERA INVESTOR PRESENTATION / 21 February 2026 OUR REVENUE MODEL 1 Represents rounded figures for 4Q25 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 Q4 Revenue Composition1 Query 35% Advertising 65% Other1 <1% And Other Query Partners 2
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OPERA INVESTOR PRESENTATION / 22 February 2026 ADVERTISING Speed Dials: premium positioning on landing page Opera Ads: self-serve DSP for owned and operated, partner network 65% of revenue in 4Q25 1 25% year-over-year growth in 4Q25 1 Represents rounded figures
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OPERA INVESTOR PRESENTATION / 23 February 2026 QUERY Search queries: we benefit through our revenue share agreements Other queries: natively integrating partner promotions relevant to user prompts Deep partnerships, including 25 years with Google 35% of revenue in 4Q25 1 16% year-over-year growth in 4Q25 1 Represents rounded figures 1 Represents rounded figures
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OPERA INVESTOR PRESENTATION / 24 February 2026 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 / 25 February 2026 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 / 26 February 2026 FINANCIAL OVERVIEW
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OPERA INVESTOR PRESENTATION / 27 February 2026 STRONG MULTI- YEAR ORGANIC REVENUE GROWTH $728M 18% Growth 2026 revenue guidance1 Revenue ($ in millions) Query Advertising Other 1 Midpoint of guidance delivered on February 26, 2026. $171M 20% Growth 1Q 2026 revenue guidance1
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OPERA INVESTOR PRESENTATION / 28 February 2026 ACCOMPANIED BY STABLE EBITDA MARGINS Adj. EBITDA ($ in millions) $115M $68M $143M $94M 2022 2023 20252024 Adj. EBITDA Margin 21% 23%24% $170M1 2026E 24% 23%1 $170M 23% Margin 2026 adj. EBITDA guidance1 $39M 23% Margin 1Q 2026 adj. EBITDA guidance1 1 Midpoint of guidance delivered on February 26, 2026
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OPERA INVESTOR PRESENTATION / 29 February 2026 21% 24% 24% 23% 23% 8% 9% 6% 5% 5% 20% 17% 15% 13% 12% 35% 28% 27% 23% 21% 16% 23% 28% 36% 39% 2022 2023 2024 2025 2026E HEALTHY AND CONSISTENT EBITDA MARGINS AS BUSINESS SCALES Adj. EBITDA ($ millions) 68 94 115 143 170 Cost and adj. EBITDA as % of Revenue 1 1 Illustrative of directional cost commentary delivered on February 26, 2026. Adjusted EBITDAOther OpEx Pre-adj. EBITDACash-based CompensationMarketingCost of Revenue
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OPERA INVESTOR PRESENTATION / 30 February 2026 Operating Cash Flow 92% 83% 88% 91% 83% Free Cash Flow From Operations 54% 63% 77% 61% 69%% 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 $118 2021 2022 2023 2024 2025 $70 $19 $16 $43 $72 $89 $98 2021 2022 2023 2024 2025 Iceland AI Cluster CapEx
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OPERA INVESTOR PRESENTATION / 31 February 2026 CONSISTENT RULE OF 40 FINANCIAL PERFORMANCE 51% 2025 revenue growth + adj. EBITDA margin 5 Consecutive years of Rule of 40 Rule of 40 Actual Performance vs. Guidance Revenue EBITDA Number of quarters meeting or exceeding guidance % Adj. EBITDA Margin % Revenue Growth 0% 20% 40% 60% 80% 64% 53% 44% 45% 51% 2022 2023 2024 20252021 4 4 4 4 4 4 4 4 4 4
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OPERA INVESTOR PRESENTATION / 32 February 2026 CONTINUED COMMITMENT TO ONGOING CAPITAL RETURNS Announced a new 2-year $300 million share buyback authorization Since 2020 we have returned ~$513 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 $213 million to date $450M Cash and OPay Stake Supported by a strong balance sheet2 1 As of December 31, 2025 2 $155.5M cash and $294.6M investment (9.5% stake) in OPay as of December 31, 2025
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OPERA INVESTOR PRESENTATION / 33 February 2026 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 / 34 February 2026 APPENDIX
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OPERA INVESTOR PRESENTATION / 35 February 2026 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 / 36 February 2026