Opera Reports Fourth Quarter and Full-Year 2025 Results Ahead of Expectations, Announces $300 Million Share Repurchase Program

Rhea-AI Summary

Opera (NASDAQ: OPRA) reported fourth-quarter revenue of $177.2M (+22% YoY) and full-year revenue of $614.8M (+28% YoY). Full-year adjusted EBITDA was $142.5M (23% margin). The Board authorized a $300M share repurchase program over two years and confirmed 2026 guidance of $720–735M revenue.

Opera added product and AI features, reached 284M MAUs, grew MiniPay to 13M activated wallets, and reported strong cash generation with $40.2M operating cash flow in Q4.

Positive

• Revenue +28% YoY to $614.8M (full-year 2025)
• Adjusted EBITDA $142.5M with a 23% full-year margin
• $300M share repurchase program authorized for up to two years
• MAUs 284M and MiniPay >13M activated wallets
• 2026 guidance targeting $720–735M revenue (17–20% growth)

Negative

• Operating expenses increased 25% to $148.1M in Q4
• Share-based compensation rose 603% in Q4 and 222% annually
• Technology and platform costs were 37% of revenue in Q4
• Personnel expenses (ex-SBC) increased 31% in Q4

News Market Reaction – OPRA

+23.38% 3.6x vol

28 alerts

+23.38% News Effect

+15.1% Peak in 27 hr 45 min

+$276M Valuation Impact

$1.46B Market Cap

3.6x Rel. Volume

On the day this news was published, OPRA gained 23.38%, reflecting a significant positive market reaction. Argus tracked a peak move of +15.1% during that session. Our momentum scanner triggered 28 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $276M to the company's valuation, bringing the market cap to $1.46B at that time. Trading volume was very high at 3.6x the daily average, suggesting strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $177.2M Q4 2025 adjusted EBITDA: $41.9M Full-year 2025 revenue: $614.8M +5 more

8 metrics

Q4 2025 revenue $177.2M Fourth quarter 2025, up 22% year-over-year and above guidance

Q4 2025 adjusted EBITDA $41.9M Fourth quarter 2025, 24% margin, above guidance

Full-year 2025 revenue $614.8M 2025 revenue, up 28% versus 2024

Full-year 2025 adjusted EBITDA $142.5M 2025 adjusted EBITDA, 23% margin

2026 revenue guidance $720–735M Full-year 2026 guidance, 17–20% year-over-year growth

Share repurchase authorization $300M Two-year buyback program for ADSs and majority holder’s shares

Quarter-end cash $155.5M Cash and cash equivalents at Q4 2025 quarter-end

MiniPay wallets 13M Activated MiniPay wallets with 360M completed peer-to-peer transactions

Market Reality Check

Price: $16.04 Vol: Volume 732,324 is at 0.98...

normal vol

$16.04 Last Close

Volume Volume 732,324 is at 0.98x the 20-day average, indicating typical trading activity ahead of this earnings and buyback news. normal

Technical Shares at $12.49 are trading below the 200-day MA of $16.09 and about 40.69% under the 52-week high.

Peers on Argus

OPRA is up 1.22% with mixed peer moves: WBTN (+1.60%) and TBLA modestly higher, ...

1 Up

OPRA is up 1.22% with mixed peer moves: WBTN (+1.60%) and TBLA modestly higher, while MOMO and BMBL are down. No broad, same-direction sector move is evident.

Historical Context

5 past events · Latest: Feb 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 02	MiniPay expansion	Positive	+13.5%	Tether expanded USDT and Tether Gold support within MiniPay in emerging markets.
Feb 02	Guidance beat pre-announcement	Positive	+13.5%	Pre-announced Q4 revenue and adjusted EBITDA above prior guidance ranges.
Jan 15	Browser upgrade	Positive	+4.7%	Launched Opera One R3 with faster AI engine and enhanced tab organization features.
Jan 09	Investor conference	Positive	-5.1%	Announced CFO presentation at Needham Growth Conference via webcast.
Dec 11	AI browser launch	Positive	+4.2%	Opened public access to Opera Neon, an agentic AI browser with premium models.

Pattern Detected

Positive product, guidance, and partnership news has often coincided with positive next-day moves, with one recent divergence on a conference headline.

Recent Company History

Over the past few months, OPRA has reported several positive developments. On Dec 11, 2025, it opened public access to its agentic AI browser Opera Neon. A January 2026 browser update (Opera One R3) highlighted deeper AI integration and UI improvements. On Feb 2, 2026, management twice flagged outperformance versus Q4 guidance and strong MiniPay traction, with over 12.6M wallets and 350M transactions. Those updates saw next‑day gains up to 13.53%, framing today’s beat-and-buyback announcement as a continuation of that trajectory.

Market Pulse Summary

The stock surged +23.4% in the session following this news. A strong positive reaction aligns with O...

Analysis

The stock surged +23.4% in the session following this news. A strong positive reaction aligns with Opera’s combination of guidance beats and shareholder returns. Q4 revenue of $177.2M and full-year revenue of $614.8M both exceeded prior expectations, while a $300M repurchase program underscores balance-sheet strength. Historically, upbeat product and guidance news has often seen aligned price moves. Investors would still need to weigh concentration in advertising/query revenue and execution on 2026 targets.

Key Terms

adjusted EBITDA, free cash flow from operations, American Depositary Shares, RSUs, +3 more

7 terms

adjusted EBITDA financial

"Fourth quarter adjusted EBITDA was $41.9 million, representing a 24% margin"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow from operations financial

"Free cash flow from operations was $35.4 million, or 84% of adjusted EBITDA."

Cash a company’s core business actually produces after paying day-to-day operating costs and the necessary spending to keep the business running, such as equipment or facility upkeep. Investors watch this number because it shows how much real money is available for debt repayment, dividends, stock buybacks or growth—much like the leftover cash in a household budget after paying bills and routine repairs.

American Depositary Shares financial

"the Company will repurchase its American Depositary Shares (ADSs) from the public market"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

RSUs financial

"granting of approximately 1.9 million share-equivalent RSUs in early 2025"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

IFRS Accounting Standards regulatory

"financial measures presented in accordance with IFRS Accounting Standards, we use adjusted net income"

International Financial Reporting Standards (IFRS) are a set of common rules for preparing company financial reports so numbers like profit, assets and debt are presented consistently across countries. Think of them as a standardized recipe or blueprint that helps investors compare businesses the same way they would compare cars using the same list of features; consistent reporting reduces surprises and makes it easier to assess value, risk and performance.

non-IFRS financial measures financial

"See the sections below titled "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS"

Non-IFRS financial measures are company-reported numbers that modify or exclude items from standard accounting results so management can highlight what it sees as underlying business performance—common examples are adjusted EBITDA or adjusted earnings per share. They matter to investors because they can make trends clearer by removing unusual or noncash items, like cleaning lens smudges off a camera, but they require scrutiny since companies decide what to exclude and comparisons across firms may not be uniform.

income tax expense financial

"Income tax expense was $8.4 million, corresponding to an effective tax rate of 13%"

Income tax expense is the amount a company records on its profit-and-loss statement as the cost of income taxes for a reporting period, reflecting taxes currently owed plus accounting adjustments for timing differences. It matters to investors because it reduces reported profit and can signal future cash tax payments, affecting earnings quality, valuation and comparisons between companies; think of it as the slice of a paycheck a business sets aside for taxes.

AI-generated analysis. Not financial advice.

Fourth quarter revenue increased 22% year-over-year to $177.2 million, exceeding the guidance range

Fourth quarter adjusted EBITDA was $41.9 million, representing a 24% margin, and also exceeding the guidance range

For the full year, revenue increased 28% to 614.8 million and adjusted EBITDA was $142.5 million, representing a 23% margin

Initiated 2026 guidance, anticipating full-year revenue of $720 - 735 million (17 - 20% growth) and adjusted EBITDA of $167 - 172 million. First quarter 2026 revenue is guided to $169 - 172 million (18 - 21% growth) with adjusted EBITDA of $38 - 40 million, maintaining a strong 23% margin throughout the year

Announced major share repurchase program for up to $300 million over two years with pro rata repurchases from public shareholders and its majority shareholder, complementing existing recurring dividend program

OSLO, Norway, Feb. 26, 2026 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), a leading global browser and AI agent company, today announced financial results for the quarter and full year ended December 31, 2025.

"2025 was a year of exceptional execution and financial overperformance for Opera. Our results for the fourth quarter yet again exceeded our guidance, with revenue reaching $177.2 million, bringing our full-year revenue to $614.8 million. This represents a remarkable 28% year-over-year increase, driven by successful growth in both advertising and query revenue, fueled by in particular e-commerce and expanding our monetization of user intent. We have paired this rapid growth with strong profitability, generating full-year adjusted EBITDA of $142.5 million. These results demonstrate the strength of our business model as we continue to scale efficiently while returning significant value to our shareholders. To further underscore our strong cash generation and confidence in Opera's future, our Board has authorized a major $300 million share repurchase program, which will serve as a powerful complement to our recurring dividend," said Lin Song, CEO.

"With Opera browsers having always been tailored for the most demanding users, we are excited about our opportunity to create the best orchestration layer possible for end-users to benefit from the rapidly expanding ecosystem of AI platforms and services. We are excited about our industry partnerships in this space, and how we leverage third-party LLMs and our agentic based engine to provide a native AI experience directly from the browser — one that is context-aware while maintaining privacy and control in the hands of our users. We've redefined the browsing experience with the launch of two new browsers in 2025, Air and Neon, tailored to distinct audiences in the same way as Opera One and Opera GX. Beyond the browser, our MiniPay wallet has seen explosive growth, reaching 13 million activated wallets. Through our expanded partnership with Tether we are providing seamless financial access and innovative digital utility to emerging markets globally," continued Mr. Song.

Fourth Quarter and Full-Year 2025 Financial Highlights

		Three Months Ended  December 31,												Twelve Months Ended  December 31,
In thousands, except percentages and per share amounts		2024				2025				% Change				2024				2025				% Change
Revenue		$	145,833			$	177,210				22	%		$	480,648			$	614,825				28	%
Net income		$	28,688			$	55,705				94	%		$	80,771			$	108,282				34	%
Net income margin			20	%			31	%							17	%			18	%
Adjusted net income (1)		$	24,759			$	27,357				10	%		$	86,093			$	102,069				19	%
Adjusted net income margin			17	%			15	%							18	%			17	%
Adjusted EBITDA (1)		$	32,993			$	41,890				27	%		$	115,309			$	142,530				24	%
Adjusted EBITDA margin			23	%			24	%							24	%			23	%
Diluted earnings per share		$	0.32			$	0.61				91	%		$	0.90			$	1.19				32	%
Adjusted diluted earnings per share (1)		$	0.28			$	0.30				9	%		$	0.96			$	1.12				17	%
Net cash flow from operating activities		$	21,643			$	40,210				86	%		$	104,977			$	117,728				12	%
As percentage of adjusted EBITDA			66	%			96	%							91	%			83	%
Free cash flow from operations (1)		$	18,635			$	35,350				90	%		$	70,190			$	97,707				39	%
As percentage of adjusted EBITDA			56	%			84	%							61	%			69	%

_______________

(1)	See the sections below titled "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS Financial Measures" for explanations and reconciliations of non-IFRS financial measures.

Fourth Quarter 2025 and Recent Business Highlights

• Advertising revenue grew 25% year-over-year to $114.4 million, representing 65% of total revenue. Advertising revenue was driven by continued strong momentum from e-commerce partners, which remained the fastest-growing vertical.
• Query revenue grew 16% year-over-year to $62.3 million, accounting for 35% of total revenue and benefiting from over 200% growth in non-search query revenue.
• Opera had 284 million average monthly active users ("MAUs") in the quarter, with annualized average revenue per user ("ARPU") of $2.49, an increase of 26% versus the fourth quarter of 2024. During the quarter Opera added 2 million Western Market MAUs, bringing the total to 60 million.
• The Opera GX gaming browser had 34 million average MAUs in the quarter across PC and mobile, up 1.5 million versus the prior quarter.
• New AI capabilities powered by Google's latest Gemini models were added to Opera One, Opera GX, and Opera Neon, delivering faster and improved AI features to over 80 million PC browser users.
• Opera announced an expansion of USDT and Tether Gold support within MiniPay, helping millions of users gain stable, dollar denominated access to value and savings. MiniPay's rapid growth to over 13 million activated wallets and 360 million completed peer-to-peer transactions. This milestone coincided with the rollout of the "Pay like a local" feature in Latin America, enabling users to make direct, real-time payments from stablecoin balances to key local platforms Mercado Pago and PIX, bridging the gap between digital assets and everyday utility.
• Net cash flow from operating activities was $40.2 million, representing 96% of adjusted EBITDA. At quarter-end, cash and cash equivalents totaled $155.5 million.
• A dividend of $0.40 per share under our semi-annual dividend program was announced in December and paid in January.

Authorization of $300 Million Share Repurchase Program

Opera's Board of Directors has authorized a share repurchase program of up to $300 million, effective immediately and available for a two-year period. Under this program, the Company will repurchase its American Depositary Shares (ADSs) from the public market, as well as pro-rata purchases of ordinary shares from its majority shareholder. As a result, the public free float will continue to represent the same percentage ownership of Opera.

Under the terms of the program, Opera's management is authorized to execute repurchases in any form it deems appropriate. The program does not obligate any repurchases and may be modified at the discretion of Opera's Board of Directors at any time. The program will be funded by Opera's operational cash generation and strong balance sheet. Opera remains fully committed to its semi-annual recurring dividend program, alongside the newly authorized share repurchases.

Fourth Quarter 2025 Financial Results

All comparisons in this section are relative to the fourth quarter of 2024 unless otherwise stated.

Revenue increased 22% to $177.2 million.

• Advertising revenue increased 25% to $114.4 million.
• Query revenue increased 16% to $62.3 million.
• Technology licensing and other revenue was $0.5 million.

Operating expenses increased 25% to $148.1 million.

• The total amount of technology and platform fees, content cost and cost of inventory sold, all being costs of revenue, was $66.3 million, or 37% of revenue.
• Personnel expenses excluding share-based compensation increased 31% to $21.9 million due to quarterly fluctuations, with an annual expense of $79.0 million representing a 13% increase versus 2024.
• Share-based compensation expenses amounted to $7.5 million, a 603% increase versus $1.1 million in the fourth quarter of 2024, with an annual expense of $31.3 million representing a 222% increase versus 2024. The increase follows the granting of approximately 1.9 million share-equivalent RSUs in early 2025 and front-loaded cost recognition of multi-year grants.
• Marketing and distribution expenses decreased 7% to $38.1 million due to quarterly fluctuations, with an annual expense of $142.2 million representing an 8% increase versus 2024.
• Depreciation and amortization increased 13% to $4.9 million, with an annual expense of $18.9 million representing a 21% increase versus 2024.
• All other operating expenses increased 25% to $9.4 million, mostly due to higher network and infrastructure costs and quarterly fluctuations, with an annual expense of $32.5 million representing a 5% increase versus 2024.

Operating profit was $28.5 million, representing a 16% margin, compared to an operating profit of $27.6 million and a margin of 19% in the fourth quarter of 2024.

Net finance loss was $1.0 million, a result of foreign exchange loss of $1.8 million, partially offset by $0.8 million in net interest income.

Income tax expense was $8.4 million, corresponding to an effective tax rate of 13%, and representing 20% of adjusted EBITDA. This compares to income tax expense of $5.3 million in the fourth quarter of 2024, representing 16% of adjusted EBITDA. On a full year basis, income tax expense was $16.9 million or 12% of adjusted EBITDA, compared to $17.6 million or 15% of adjusted EBITDA in 2024.

Net income was $55.7 million, representing a 31% margin, compared to net income of $28.7 million and a margin of 20% in the fourth quarter of 2024.

Adjusted net income was $27.4 million, representing a 15% margin and an increase of 10% relative to $24.8 million and a 17% margin in the fourth quarter of 2024.

Adjusted EBITDA was $41.9 million, representing a 24% margin and an increase of 27% relative to $33.0 million and a 23% margin in the fourth quarter of 2024.

Diluted earnings per share was $0.61, whereas adjusted diluted earnings per share was $0.30.

Net cash flow from operating activities was $40.2 million, or 96% of adjusted EBITDA. Free cash flow from operations was $35.4 million, or 84% of adjusted EBITDA.

Business Outlook

		First Quarter 2026 Guidance			Full-Year 2026 Guidance
Revenue		$169 – 172 million			$720 – 735 million
Year-over-year revenue growth		18 – 21	%		17 – 20	%
Adjusted EBITDA (1)		$38 – 40 million			$167 – 172 million
Adjusted EBITDA margin (2)		23	%		23	%

_______________

(1)	See the section below titled "Non-IFRS Financial Measures" for explanations of non-IFRS financial measures.
(2)	The percentages shown for adjusted EBITDA margin have been calculated based on the midpoints of the revenue and adjusted EBITDA guidance.

"Our initial guidance for 2025 was for growth of 17%, after which our steady cadence of overperformance added $52 million of revenue as the year progressed, or 11 percentage points of growth. While we are very pleased with our 2025 performance, we are still early in realizing our potential. As we embark on a new year, we are excited by both the quality and potential of our products, and our opportunities to continue growing our financial results," said Frode Jacobsen, CFO.

"Our ability to launch a major share repurchase program, on top of an already meaningful recurring dividend, only highlights the attractiveness of our operating model, strong balance sheet and commitment to shareholder returns. In fact, the program's size is greater than all our previous repurchases combined, and represents a compelling ROI opportunity for our shareholders," continued Mr. Jacobsen.

Conference Call and Webcast Information

Opera's management will host a conference call to discuss the fourth quarter 2025 financial results at 8:00 a.m. ET today. The live webcast of the conference call can be accessed at our investor relations website at investor.opera.com, along with the earnings press release and financial tables. Following the call, a replay will be available at the same website.

We also provide announcements on our investor relations website at investor.opera.com regarding our financial performance and other matters, including SEC filings, press releases, slide presentations, business blog posts and information on corporate governance.

Non-IFRS Financial Measures

In addition to revenue, net income, net cash flow from operating activities and other financial measures presented in accordance with IFRS Accounting Standards, we use adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations to manage our business, make planning decisions, evaluate our performance, and allocate resources. We believe adjusted net income, adjusted EBITDA and adjusted diluted earnings per share provide meaningful supplemental information regarding our financial performance by excluding certain items that may not be indicative of recurring core business operating results. We believe free cash flow from operations provides useful information regarding our ability to generate cash from business operations that is available for acquisitions and other investments, and for distributions to our shareholders, even though free cash flow from operations does not represent the residual cash flow available for discretionary expenditures.

We define adjusted net income as net income excluding (i) profit (loss) from discontinued operations, (ii) gain (loss) on investments in unconsolidated entities, (iii) non-recurring expenses, (iv) impairment of non-financial assets, (v) amortization of acquired intangible assets, (vi) share-based compensation expenses, and (vii) the income tax effect of these adjustments. Adjusted net income margin is calculated as adjusted net income divided by revenue, whereas adjusted diluted earnings per share is calculated as adjusted net income divided by the diluted weighted average number of shares outstanding.

We define adjusted EBITDA as net income excluding (i) profit (loss) from discontinued operations, (ii) income tax expense, (iii) net finance income (expense), (iv) gain (loss) on long-term investments in unconsolidated entities, (v) non-recurring expenses, (vi) impairment of non-financial assets, (vii) depreciation and amortization, (viii) share-based compensation expenses, and (ix) other operating income. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.

We define free cash flow from operations as net cash flows from (used in) operating activities less (i) purchases of fixed and intangible assets, (ii) development expenditure and (iii) payment of lease liabilities.

We believe the non-IFRS financial measures defined above are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and because they are used by our institutional investors and the analyst community to help them analyze the health of our business. However, these non-IFRS financial measures should not be considered substitutes for, or superior to, the financial information presented in accordance with IFRS Accounting Standards. Our calculations of adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations may differ from similarly-titled non-IFRS measures, if any, reported by our peers. In addition, the non-IFRS financial measures may be limited in their usefulness because they do not present the full economic effects of certain items of income, expenses and cash flows. We compensate for these limitations by providing reconciliations of our non-IFRS financial measures to the most closely related financial measures in IFRS Accounting Standards in the section titled "Reconciliations of Non-IFRS Financial Measures" included at the end of this earnings press release. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view our reported non-IFRS financial measures in conjunction with net income and net cash flow from operating activities.

Forward-Looking Statements

This press release contains statements of a forward-looking nature. These statements include, but are not limited to, statements relating to our expectations regarding our business, strategy, products, services, outlook and guidance. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

Important factors that could cause actual results to differ materially include, among others: (i) our ability to attract, retain, and engage users and to increase ARPU; (ii) changes in macroeconomic conditions and advertising demand; (iii) our ability to maintain and improve monetization from query and revenue-sharing arrangements, including dependence on major partners and changes in their commercial terms, policies, algorithms, or distribution mechanics; (iv) changes by platform providers (including mobile operating systems, browsers, app stores, and device manufacturers) that could affect distribution, product functionality, data access, attribution, or monetization; (v) competition in browsers, AI-enabled user experiences, digital advertising, and consumer internet products; (vi) the successful development, deployment, adoption, and monetization of new products and features, including AI initiatives, and the costs and risks associated with them; (vii) privacy, data protection, consumer protection, competition/antitrust, online safety, and other laws and regulations (including changes in interpretation, enforcement, or compliance obligations) and related litigation or regulatory inquiries; (viii) security incidents, service disruptions, outages, and failures of our or third parties' systems; (ix) our ability to manage operational, technical, and infrastructure costs, including hosting and distribution costs, and to scale effectively; (x) foreign currency exchange rate fluctuations and other market volatility; (xi) geopolitical events, sanctions, or restrictions affecting the markets in which we operate; (xii) our ability to attract and retain key personnel; and (xiii) other risks and uncertainties described under "Risk Factors" in our most recent Annual Report on Form 20-F and in our other filings and submissions with the U.S. Securities and Exchange Commission.

All information provided in this press release is as of the date hereof and is based on assumptions that the Company believes to be reasonable as of this date, and it undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across devices. Hundreds of millions worldwide use Opera's mobile and desktop browsers for their speed, security, and unique features, enhanced with integrated AI that enables users to navigate and interact with the web in new transformative ways. Founded in 1995 and headquartered in Oslo, Norway, Opera is listed on the Nasdaq stock exchange under the ticker symbol "OPRA". Download Opera products from opera.com and learn more about Opera at investor.opera.com.

 

Opera Limited
Consolidated Statement of Operations
(In thousands, except per share amounts, unaudited)
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Revenue		$	145,833			$	177,210			$	480,648			$	614,825
Other operating income			89				(556)				2,367				(378)
Operating expenses:
Technology and platform fees			(2,513)				(2,579)				(10,010)				(9,312)
Content cost			(1,124)				(1,703)				(3,891)				(6,066)
Cost of inventory sold			(44,134)				(62,026)				(118,658)				(205,127)
Personnel expenses excluding share-based compensation			(16,708)				(21,903)				(69,940)				(78,994)
Share-based compensation expenses			(1,061)				(7,457)				(9,718)				(31,273)
Marketing and distribution expenses			(40,943)				(38,127)				(131,951)				(142,218)
Credit loss expense			532				371				784				713
Depreciation and amortization			(4,353)				(4,940)				(15,582)				(18,861)
Impairment of non-financial assets			(109)				(425)				(113)				(1,946)
Other operating expenses			(7,950)				(9,353)				(31,674)				(31,291)
Total operating expenses			(118,363)				(148,142)				(390,753)				(524,375)
Operating profit			27,559				28,512				92,262				90,072
Share of net income (loss) of equity-accounted investees			(2)				298				(2)				268
Fair value gain on long-term investments			5,000				36,300				5,000				36,300
Net finance income (expense):
Finance income			995				928				3,577				3,294
Finance expense			(154)				(153)				(586)				(610)
Net foreign exchange gain (loss)			633				(1,806)				(1,839)				(4,108)
Net finance income (expense)			1,473				(1,031)				1,152				(1,424)
Income before income taxes			34,030				64,079				98,412				125,216
Income tax expense			(5,342)				(8,373)				(17,642)				(16,934)
Net income attributable to Opera shareholders		$	28,688			$	55,705			$	80,771			$	108,282
Earnings per share:
Basic		$	0.32			$	0.62			$	0.91			$	1.21
Diluted		$	0.32			$	0.61			$	0.90			$	1.19
Weighted-average number of shares outstanding:
Basic			88,480				89,648				88,463				89,555
Diluted			89,741				91,011				89,676				90,956

 

Opera Limited
Consolidated Statement of Comprehensive Income
(In thousands, unaudited)
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Net income		$	28,688			$	55,705			$	80,771			$	108,282
Other comprehensive income (loss):
Items that may be reclassified to the Statement of Operations:
Exchange differences on translation of foreign operations			(2,115)				333				(811)				3,529
Reclassification of exchange differences on loss of control			—				141				—				141
Other comprehensive income (loss)			(2,115)				474				(811)				3,670
Total comprehensive income attributable to Opera shareholders		$	26,573			$	56,179			$	79,960			$	111,952

 

Opera Limited
Consolidated Statement of Financial Position
(In thousands, unaudited)
		As of December 31,
		2024				2025
Assets:
Property and equipment		$	34,058			$	32,744
Goodwill			429,742				430,323
Intangible assets			97,509				98,898
Investment in OPay			258,300				294,600
Equity-accounted investments			1,248				4,016
Other non-current investments and financial assets			1,760				1,625
Deferred tax assets			1,063				1,585
Total non-current assets			823,681				863,792
Trade receivables			92,823				112,593
Other current receivables			4,560				7,033
Cash and cash equivalents			126,797				155,466
Other current assets			7,724				4,367
Total current assets			231,904				279,459
Total assets		$	1,055,585			$	1,143,251
Equity:
Share capital		$	18			$	18
Additional paid-in capital			647,212				576,046
Treasury shares			(238,815)				(238,815)
Retained earnings			536,623				674,735
Foreign currency translation reserve			(4,938)				(1,268)
Total equity attributable to Opera shareholders			940,100				1,010,716
Liabilities:
Non-current lease liabilities			5,631				4,544
Deferred tax liabilities			8,689				9,212
Other non-current liabilities			71				10
Total non-current liabilities			14,391				13,766
Trade and other payables			75,285				89,520
Current lease liabilities			3,955				3,866
Income tax payable			3,190				6,610
Deferred revenue			5,441				4,499
Other current liabilities			13,222				14,273
Total current liabilities			101,093				118,768
Total liabilities			115,484				132,535
Total equity and liabilities		$	1,055,585			$	1,143,251

 

Opera Limited
Consolidated Statement of Changes in Equity
(In thousands, except number of shares, unaudited)
For the twelve months ended December 31, 2024:
		Number of shares outstanding				Share capital				Additional paid-in capital				Treasury shares				Retained earnings				Foreign currency translation reserve				Total equity attributable to Opera shareholders
As of January 1, 2024			87,518,284			$	18			$	717,610			$	(238,815)			$	445,164			$	(4,127)			$	919,850
Net income			—				—				—				—				80,771				—				80,771
Other comprehensive loss			—				—				—				—				—				(811)				(811)
Cost of equity awards, net of tax			—				—				—				—				10,689				—				10,689
Issuance of shares upon exercise of equity awards			961,870				—				—				—				—				—				—
Dividends			—				—				(70,398)				—				—				—				(70,398)
As of December 31, 2024			88,480,154			$	18			$	647,212			$	(238,815)			$	536,623			$	(4,938)			$	940,100

 

For the twelve months ended December 31, 2025:
		Number of shares outstanding				Share capital				Additional paid-in capital				Treasury shares				Retained earnings				Foreign currency translation reserve				Total equity attributable to Opera shareholders
As of January 1, 2025			88,480,154			$	18			$	647,212			$	(238,815)			$	536,623			$	(4,938)			$	940,100
Net income			—				—				—				—				108,282				—				108,282
Other comprehensive income			—				—				—				—				—				3,670				3,670
Cost of equity awards, net of tax			—				—				—				—				29,830				—				29,830
Issuance of shares upon exercise of equity awards			1,167,902				—				—				—				—				—				—
Dividends			—				—				(71,167)				—				—				—				(71,167)
As of December 31, 2025			89,648,056			$	18			$	576,046			$	(238,815)			$	674,735			$	(1,268)			$	1,010,716

 

Opera Limited
Consolidated Statement of Cash Flows
(In thousands, unaudited)
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Cash flows from operating activities:
Income before income taxes		$	34,030			$	64,079			$	98,412			$	125,216
Adjustments to reconcile income before income taxes to net cash flow from operating activities:
Net finance (income) expense			(1,473)				1,031				(1,152)				1,424
Fair value gain on long-term investments			(5,000)				(36,300)				(5,000)				(36,300)
Share of net income (loss) of equity-accounted investees			2				(298)				2				(268)
Impairment of non-financial assets			109				425				113				1,946
Depreciation and amortization			4,353				4,940				15,582				18,861
Cost of equity awards			856				7,700				8,631				30,079
Other adjustments			(355)				279				(66)				(516)
Changes in working capital:
Trade and other receivables			(18,212)				(11,489)				(20,199)				(22,715)
Other current assets			(3,008)				(1,181)				(1,820)				(786)
Trade and other payables			11,607				13,762				23,038				13,592
Deferred revenue			1,970				505				(4,830)				(943)
Other liabilities			145				2,917				(86)				991
Income taxes paid			(3,380)				(6,160)				(7,649)				(12,854)
Net cash flow from operating activities			21,643				40,210				104,977				117,728
Cash flows from investing activities:
Purchase of equipment			(34)				(1,339)				(23,344)				(5,546)
Development expenditure			(1,872)				(2,236)				(7,263)				(9,699)
Investment in an associate			(1,250)				—				(1,250)				(2,500)
Sale of long-term investments			833				—				1,333				—
Interest received			995				928				3,412				3,294
Net cash flow used in investing activities			(1,328)				(2,648)				(27,112)				(14,451)
Cash flows from financing activities:
Dividends paid			8				—				(37,435)				(71,167)
Payment of lease liabilities			(1,102)				(1,285)				(4,181)				(4,776)
Interest paid			(141)				(186)				(530)				(610)
Net cash flow used in financing activities			(1,236)				(1,470)				(42,146)				(76,552)
Net change in cash and cash equivalents			19,080				36,092				35,720				26,724
Cash and cash equivalents at beginning of period			106,005				119,042				93,863				126,797
Effect of exchange rate changes on cash and cash equivalents			1,713				332				(2,785)				1,944
Cash and cash equivalents at end of period		$	126,797			$	155,466			$	126,797			$	155,466

 

Opera Limited
Supplemental Financial Information
(In thousands, unaudited)
Revenue
The following table presents revenue disaggregated by type:
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Advertising		$	91,756			$	114,401			$	290,723			$	396,040
Query			53,890				62,298				188,997				216,832
Technology licensing and other revenue			187				510				927				1,953
Total revenue		$	145,833			$	177,210			$	480,648			$	614,825

 

Share-based Compensation Expenses
The table below presents the amounts of share-based compensation expenses:
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Cost of Opera-granted awards		$	(2,388)			$	(6,139)			$	(5,760)			$	(27,282)
Cost of parent-granted awards (1)			1,527				(1,561)				(2,872)				(2,797)
Total cost of equity awards			(861)				(7,700)				(8,631)				(30,079)
Social security contributions for Opera-granted awards			(200)				243				(1,087)				(1,194)
Total share-based compensation expenses		$	(1,061)			$	(7,457)			$	(9,718)			$	(31,273)

_______________

(1)	Kunlun, the majority shareholder of Opera, has granted equity awards to Opera employees as compensation for services provided to Opera. Opera does not have any obligation to settle the awards granted by Kunlun and such awards do not lead to dilution for Opera shareholders.

 

Other Operating Expenses
The table below presents the items of other operating expenses:
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Hosting		$	(3,126)			$	(4,060)			$	(12,360)			$	(13,572)
Audit, legal and other advisory services			(1,899)				(1,705)				(7,687)				(6,171)
Software license fees			(770)				(932)				(4,026)				(3,418)
Rent and other office expenses			(541)				(583)				(2,305)				(2,295)
Travel			(493)				(520)				(1,959)				(1,978)
Other			(1,121)				(1,553)				(3,338)				(3,857)
Total other operating expenses		$	(7,950)			$	(9,353)			$	(31,674)			$	(31,291)

 

Opera Limited
Reconciliations of Non-IFRS Financial Measures
(In thousands, except per share amounts, unaudited)
The following table presents a reconciliation of adjusted net income to net income:
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Net income		$	28,688			$	55,705			$	80,771			$	108,282
Add (deduct):
Fair value (gain) on long-term investments			(5,000)				(36,300)				(5,000)				(36,300)
Share of net loss of equity-accounted investees			2				(298)				2				(268)
Impairment of non-financial assets			109				425				113				1,946
Amortization of acquired intangible assets			645				645				2,580				2,580
Share-based compensation expenses			1,061				7,457				9,718				31,273
Income tax effect on adjustments			(747)				(277)				(2,091)				(5,444)
Adjusted net income		$	24,759			$	27,357			$	86,093			$	102,069
Diluted weighted-average number of shares outstanding			89,741				91,011				89,676				90,956
Adjusted diluted earnings per share		$	0.28			$	0.30			$	0.96			$	1.12

 

The following table is a reconciliation of adjusted EBITDA to net income:
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Net income		$	28,688			$	55,705			$	80,771			$	108,282
Add (deduct):
Income tax expense			5,342				8,373				17,642				16,934
Net finance (income) expense			(1,473)				1,031				(1,152)				1,424
Fair value (gain) on long-term investments			(5,000)				(36,300)				(5,000)				(36,300)
Share of net loss of equity-accounted investees			2				(298)				2				(268)
Impairment of non-financial assets			109				425				113				1,946
Depreciation and amortization			4,353				4,940				15,582				18,861
Share-based compensation expenses			1,061				7,457				9,718				31,273
Other operating income			(89)				556				(2,367)				378
Adjusted EBITDA		$	32,993			$	41,890			$	115,309			$	142,530

 

The table below reconciles free cash flow from operations to net cash flow from operating activities:
		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2024				2025				2024				2025
Net cash flow from operating activities		$	21,643			$	40,210			$	104,977			$	117,728
Deduct:
Purchase of equipment			(34)				(1,339)				(23,344)				(5,546)
Development expenditure			(1,872)				(2,236)				(7,263)				(9,699)
Payment of lease liabilities			(1,102)				(1,285)				(4,181)				(4,776)
Free cash flow from operations		$	18,635			$	35,350			$	70,190			$	97,707

 

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SOURCE Opera Limited

FAQ

What did Opera (OPRA) report for full-year 2025 revenue and profit?

Opera reported full-year 2025 revenue of $614.8 million and adjusted EBITDA of $142.5 million. According to Opera, this represents a 28% revenue increase and a 23% adjusted EBITDA margin versus 2024.

What are the details of Opera's $300 million share repurchase program (OPRA)?

The Board authorized repurchases of up to $300 million over two years, including pro rata purchases from the majority shareholder. According to Opera, repurchases are discretionary, funded from operations, and complement the recurring dividend program.

What guidance did Opera (OPRA) give for 2026 revenue and adjusted EBITDA?

Opera guided 2026 revenue of $720–735 million (17–20% growth) and adjusted EBITDA of $167–172 million. According to Opera, Q1 2026 revenue is expected at $169–172 million with a 23% adjusted EBITDA margin.

How large is Opera's user base and MiniPay adoption reported in Q4 2025?

Opera reported 284 million average monthly active users (MAUs) and MiniPay reached 13 million activated wallets. According to Opera, MiniPay processed 360 million peer-to-peer transactions and expanded USDT/Tether Gold support.

What cost trends and margin pressures did Opera (OPRA) report in Q4 2025?

Operating expenses rose 25% to $148.1 million; technology/platform costs were 37% of revenue. According to Opera, share-based compensation surged and personnel costs also increased, affecting near-term operating leverage.