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OPRA
Earnings call · Jun 2026 (Q2 FY26)

Opera Q2 FY26 earnings call OPRA

Aug 19, 2026 Source

Executive summary

Opera Limited Q2 FY26 — Strong Revenue and Profit Growth, Raised Full-Year Guidance

Opera Limited delivered robust Q2 FY26 results, driven by broad-based revenue growth and strong monetization of its expanding user base, particularly in Western markets and with AI-driven engagement. The company's independent browser strategy, focusing on AI integration and partner ecosystems, is translating into increased engagement and ARPU. Management raised full-year guidance, reflecting confidence in its continued growth trajectory and operational efficiency.

Highlights

5

  • Total revenue grew 25% year-over-year to $178.1 million, exceeding the top guidance range.

  • Adjusted EBITDA grew 32% year-over-year to $42.4 million, representing a 24% margin and a quarterly record.

  • Advertising revenue grew 27% to $25 million, while Opera revenue grew 21% to $62 million.

  • Monetized Western user base grew 4% year-over-year to 61 million, with mobile growing 8% year-over-year.

  • Opera GX reached 37 million active users, adding almost 2 million users during the quarter.

Concerns

2

  • Cash-based compensation included accelerated annual bonus accruals following strong performance, impacting OpEx.

  • Opera GX experiences seasonal low during summer months due to users being on holiday.

Guidance & targets

CategoryTargetConfidence
Full-year Revenue
$734 million to $742 million
high materiality
High
Full-year Adjusted EBITDA
$172 million to $175 million
high materiality
High
Q3 Revenue
$181 million to $183 million
medium materiality
High
Q3 Adjusted EBITDA
$41 million to $43 million
medium materiality
High
Full-year Cost of Revenue items combined
about 39% of revenue
low materiality
Medium
Full-year Marketing cost
about 20% of full year revenue
low materiality
Medium
Full-year Cash-based compensation expense
about 12% of full year revenue
low materiality
Medium
Full-year Adjusted EBITDA margin increase
25 to 40 basis points
medium materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Advertising Revenue
Growth was led by e-commerce, with the Homo platform connecting users to over 100 merchants and 100 million products.
$25 million27%——
Opera Revenue
Represents monetization of users per active intent, growing ahead of underlying search market benchmarks.
$62 million21%——
Western Markets Monetized Users
Includes both desktop and mobile platforms contributing to growth.
Monetized users: 61 million
—4%——
Western Markets Mobile Users
Particularly strong growth across Western markets.
—8%——
Opera GX Active Users
Both desktop and mobile grew, with larger absolute contribution from desktop. Growth driven by AI integration and gaming partnerships.
Active users: 37 millionUsers added this quarter: almost 2 million
————
Android and iOS MAUs (United Kingdom)
Combined Android and iOS MAUs grew over the past year.
—66%——
Android and iOS MAUs (United States)
Combined Android and iOS MAUs grew over the past year.
—40%——
Opera 1 for iOS (Europe)
Demonstrates potential to broaden smartphone base, which is still about 90% Android.
—42%——

Product announcements

ProductTypeDetails
Browser Connectorlaunch
Opera Browser AIlaunch
Mini Pay Visa Cardlaunch

Deals & partnerships

Visa Collaboration to launch a Mini Pay Visa card.

Card launched in June, available across the EU and gradually introduced in Africa, North America, and Asia, bridging digital currency and spending.

Game developers (e.g., 4-second rewards players) Integration of Opera GX into gaming ecosystems.

Partnerships reward players with in-game items like frisk games and gaming boots, making GX more embedded into the gaming world.

Various AI services (e.g., Claude, ChatGPT) Integration through Browser Connector.

Enables users to securely connect these services to their Opera browser, elevating them to become agentic.

Risks & headwinds

Seasonal low for Opera GX users Summer months (July, August)

Not quantified

Mitigation:Acknowledged as a physical limitation due to users being on holiday.

Fluctuations in cash conversion Between quarters

Not quantified

Mitigation:Expected year-to-date ratios to stabilize and likely tick up in the second half of the year, similar to 2025.

What to watch in Q3 FY26

Opera GX user growth post-summer

Q3 FY26
Current 37 million MAUs (Q2 FY26), seasonal low in summer
Target Resumption of strong growth trajectory

Why it matters

Opera GX is a key driver of user growth and engagement, and its recovery post-seasonality will indicate sustained momentum.

The only demand for just that, of course, during the summertime, yes, like it some on holiday is always a low season for GX, just to say. So we're right now in July and August will always be seen. So just a reminder, that's a physical limitation because were not in front -- not an element cyber not in front of the capitals and there's the limited stuff we can do about.

Q&A highlights

Asked about the expansion of Opera's total addressable audience to over 700 million, new partners driving this growth, the number of advertisers/listings on the Homo platform, and the timing for an OPay IPO.

Management confirmed new partnerships, especially with new AI services, driving audience reach. The Homo platform's 100 million products are specifically for AI-powered promotional content. For OPay, they expect it to go public eventually but cannot comment on timing.

“Yes. So for the reach, yes, yes. We have actually expanded quite a lot of new partners in the field. on the back of actually our strengths of Opera and also with the fact that with the help of AI and algorithms, we were able to bring a lot of demand and also make it much easier for our partners will to work with us because we can also help them monetize.”

asked by Naved Khan · answered by Lin Song

2 min read 6 chapters

Detailed narrative

AI Strategy and Browser Innovation

Opera is positioning itself as a tech enabler and platform in the evolving AI landscape, facilitating user choice and partner access. The company's strategy includes integrating AI functionalities natively into its browsers, such as AI-supported product comparisons and Browser Connector for leading AI services like Claude and ChatGPT. This approach allows users to choose their preferred AI services while retaining the browser as a central interface, reinforcing Opera's independence and appeal to technologically sophisticated users.

User Engagement and Monetization

Users engaging with AI in Opera's browsers spend significantly more time and conduct more searches, directly contributing to ARPU growth. The company notes that acquired revenue is growing 1.4x faster in Western markets, where AI-driven activity is already being monetized. Rapid product innovation, including native AI functions, drives increased engagement and connects high-intent users with relevant partners, enhancing traffic monetization.

Opera GX and Western Market Growth

Opera GX reached 37 million active users, adding nearly 2 million in the quarter, driven by AI integration and partnerships with game developers. The Western monetized user base grew 4% year-over-year to 61 million, with mobile particularly strong at 8% growth. This growth, especially in competitive markets like the UK (66% Android/iOS MAU growth) and US (40% Android/iOS MAU growth), is attributed to differentiated features and regulatory changes opening up alternative browser adoption on iOS.

Mini Pay Progress and Ecosystem Expansion

Mini Pay continued its growth trajectory, reaching 18 million wallets and 518 million transactions since its last update, expanding to over 66 countries with 57 mini apps. The platform launched a Visa card in collaboration with Visa across the EU, with gradual introduction in Africa, North America, and Asia. Mini Pay aims to make stablecoins useful for everyday savings, transport, and spending, leveraging Opera's ability to rapidly scale and build partnerships.

Financial Performance and Capital Allocation

Opera exceeded Q2 guidance for both revenue and adjusted EBITDA, with revenue growing 25% to $178.1 million and adjusted EBITDA growing 32% to $42.4 million. The company maintains a low CapEx business model, enabling significant capital returns to shareholders. Since 2020, Opera has returned $577 million through dividends ($320 million) and share buybacks ($256 million), repurchasing 37.2 million shares at an average cost of $6.88.

Advertising and E-commerce Growth

Advertising revenue grew 27% to $25 million, primarily led by e-commerce. Opera's in-house 'Homo' platform connects users with deals from over 100 merchants and 100 million products, leveraging AI for product comparisons. The company's performance-based campaigns deliver measurable outcomes for partners, expanding its partner ecosystem and monetization opportunities. The total addressable audience, including OEM white-label solutions, has reached over 700 million.

AI-generated summary of the company's earnings call. Not investment advice.