Opera Reports First Quarter 2026 Results With Both Revenue and Adjusted EBITDA Exceeding High End of Guidance Ranges

Opera Reports First Quarter 2026 Results With Both Revenue and Adjusted EBITDA Exceeding High End of Guidance Ranges Revenue increased 23% year-over-year to $175.8 million, exceeding the guidance range

Adjusted EBITDA was $42.0 million, representing a 24% margin and 30% year-over-year growth, also exceeding the guidance range

Second quarter 2026 revenue guidance of 23 - 25% growth with adjusted EBITDA margin of 23% at the midpoint

Raised full-year guidance to $727 - 740 million revenue (18 - 20% growth) with adjusted EBITDA of $170 - 174 million (23% margin)

OSLO, Norway, April 28, 2026 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), a leading global browser and AI agent company, today announced financial results for the quarter ended March 31, 2026.

"We are off to a very strong start in 2026, with first quarter revenue and adjusted EBITDA ahead of the high-end of our guidance and continued strong cash generation. Our performance reflects solid execution across both advertising and query revenues which saw similar rates of growth during the quarter," said Lin Song, CEO.

"Beyond our solid financial execution, we achieved major product and strategic milestones this quarter. We continue to redefine the browser's role in the AI era; and with the launch of Browser Connector we have turned the browser into a live execution layer, allowing the user's AI platform of choice to access and read page content, understand open tabs, and even take screenshots to analyze images or graphs. Beyond the technical upgrade, this also reinforces Opera's long-standing advocacy for user choice over lock-in. MiniPay also continued its rapid growth trajectory, promoting a healthy partner ecosystem and an expanding set of services tailored for emerging markets," continued Mr. Song.

First Quarter 2026 Financial Highlights

Three Months Ended March 31,

In thousands, except percentages and per share amounts

2025

2026

% Change

Revenue

142,717

175,771

Operating profit

21,075

29,762

Operating margin

Net income

18,283

24,786

Net income margin

Adjusted net income (1)

24,154

31,176

Adjusted net income margin

Adjusted EBITDA (1)

32,259

41,998

Adjusted EBITDA margin

Diluted earnings per share

0.20

0.27

Adjusted diluted earnings per share (1)

0.27

0.34

Net cash flow from operating activities

15,945

42,145

164

As percentage of adjusted EBITDA

100

Free cash flow from operations (1)

12,026

35,506

195

As percentage of adjusted EBITDA

(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.

First Quarter 2026 and Recent Business Highlights

First Quarter 2026 Financial Results

All comparisons in this section are relative to the first quarter of 2025 unless otherwise stated.

Revenue increased 23% to $175.8 million.

Operating expenses increased 20% to $146.1 million.

Operating profit was $29.8 million, representing a 17% margin, compared to an operating profit of $21.1 million and a margin of 15% in the first quarter of 2025.

Net finance income was $0.1 million, reflecting net interest income of $0.7 million, largely offset by foreign exchange loss of $0.6 million.

Income tax expense was $5.1 million, corresponding to an effective tax rate of 17%, and representing 12% of adjusted EBITDA. This compares to income tax expense of $2.5 million in the first quarter of 2025, representing 8% of adjusted EBITDA.

Net income was $24.8 million, representing a 14% margin, compared to net income of $18.3 million and a margin of 13% in the first quarter of 2025.

Adjusted net income was $31.2 million, representing a 18% margin and an increase of 29% relative to $24.2 million and a 17% margin in the first quarter of 2025.

Adjusted EBITDA was $42.0 million, representing a 24% margin and an increase of 30% relative to $32.3 million and a 23% margin in the first quarter of 2025.

Diluted earnings per share was $0.27, whereas adjusted diluted earnings per share was $0.34.

Net cash flow from operating activities was $42.1 million, or 100% of adjusted EBITDA. Free cash flow from operations was $35.5 million, or 85% of adjusted EBITDA.

Business Outlook

Second Quarter 2026 Guidance

Full-Year 2026 Guidance

Revenue

$176 – 178 million

$727 – 740 million

Year-over-year revenue growth

23 – 25

18 – 20

Adjusted EBITDA (1)

$40 – 42 million

$170 – 174 million

Adjusted EBITDA margin (2)

(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 first quarter performance reflects the strong momentum in our business, with the resulting overperformance driving an incremental $4 million of revenue on top of the guidance range, with over 50% conversion to incremental adjusted EBITDA. The second quarter is shaping up in a similar way, allowing us to also raise our full-year expectations while still leaving room for later upside," said Frode Jacobsen, CFO.

"We remain focused on seizing our opportunities and advancing Opera's scale, however we take care to combine that with continued cost discipline and healthy profit expansion. We are pleased with our ability to return capital to shareholders through our recurring dividend and share repurchase programs," continued Mr. Jacobsen.

Conference Call and Webcast Information

Opera's management will host a conference call to discuss the first quarter 2026 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 financial measures presented in accordance with IFRS Accounting Standards, we use the non-IFRS performance measures adjusted net income, adjusted EBITDA, adjusted diluted earnings per share, as well as the non-IFRS liquidity measure free cash flow from operations, to manage our business, evaluate performance, support planning and decision-making, and allocate resources. The non-IFRS performance measures are intended to provide supplemental information by excluding items that we believe are not representative of core business operating performance. While free cash flow from operations does not represent residual cash available for discretionary uses, we believe that it provides useful supplemental information regarding our ability to generate cash from ongoing operations to fund investments, including acquisitions, and to support capital allocation decisions.

Adjusted net income is defined as net income adjusted to exclude (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. Adjusted diluted earnings per share is calculated as adjusted net income divided by the diluted weighted average number of shares outstanding.

Adjusted EBITDA is defined as net income adjusted to exclude (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.

Free cash flow from operations is defined 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 these non-IFRS financial measures are useful to investors because they facilitate period-to-period comparisons of operating performance and are consistent with how management evaluates the business. These measures should not be considered in isolation or as substitutes for, or superior to, the financial information prepared in accordance with IFRS Accounting Standards. Our definitions of adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations may differ from similarly-titled measures used by other companies. In addition, these 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 address the limitations of these non-IFRS financial measures by providing reconciliations from the most closely comparable IFRS financial measures in the section titled "Reconciliations of Non-IFRS Financial Measures" included at the end of this earnings press release. Investors are encouraged to review these reconciliations and to consider non-IFRS financial measures together with our IFRS results.

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, including inflationary pressures, interest rates, consumer and advertiser spending trends, and the effects of higher energy prices and market volatility; (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, including armed conflicts, sanctions, trade or shipping disruptions, or other instability in the Middle East and other regions, and their effects on energy prices, inflation, financial markets, supply chains, and broader economic conditions; (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 March 31,

2025

2026

Revenue

142,717

175,771

Other operating income

(17)

Operating expenses:

Technology and platform fees

(2,237)

(2,423)

Content cost

(922)

(1,478)

Cost of inventory sold

(47,534)

(60,854)

Personnel expenses excluding share-based compensation

(17,568)

(21,546)

Share-based compensation expenses

(6,000)

(6,407)

Marketing and distribution expenses

(34,204)

(38,517)

Credit loss expense

(160)

(440)

Depreciation and amortization

(4,434)

(5,205)

Impairment of non-financial assets

(733)

(670)

Other operating expenses

(7,833)

(8,515)

Total operating expenses

(121,626)

(146,055)

Operating profit

21,075

29,762

Share of net income (loss) of equity-accounted investees

(7)

(20)

Net finance income (expense):

Finance income

678

824

Finance expense

(120)

(116)

Net foreign exchange gain (loss)

(835)

(565)

Net finance income (expense)

(277)

143

Income before income taxes

20,791

29,886

Income tax expense

(2,508)

(5,100)

Net income attributable to Opera shareholders

18,283

24,786

Earnings per share:

Basic

0.20

0.27

Diluted

0.20

0.27

Weighted-average number of shares outstanding:

Basic

89,486

90,475

Diluted

90,188

91,143

Opera Limited

Consolidated Statement of Comprehensive Income

(In thousands, unaudited)

Three Months Ended March 31,

2025

2026

Net income

18,283

24,786

Other comprehensive income (loss):

Items that may be reclassified to the Statement of Operations:

Exchange differences on translation of foreign operations

1,153

141

Other comprehensive income (loss)

1,153

141

Total comprehensive income attributable to Opera shareholders

19,436

24,927

Opera Limited

Consolidated Statement of Financial Position

(In thousands, unaudited)

As of December 31,

As of March 31,

2025

2026

Assets:

Property and equipment

32,744

33,480

Goodwill

430,323

430,188

Intangible assets

98,898

111,062

Investment in OPay

294,600

Equity-accounted investments

4,016

5,246

Other non-current investments and financial assets

1,625

1,662

Deferred tax assets

1,585

1,608

Total non-current assets

863,792

877,845

Trade receivables

112,593

107,946

Other current receivables

7,033

6,493

Cash and cash equivalents

155,466

141,904

Other current assets

4,367

6,760

Total current assets

279,459

263,102

Total assets

1,143,251

1,140,948

Equity:

Share capital

Additional paid-in capital

576,046

540,168

Treasury shares

(238,815)

(255,789)

Retained earnings

674,735

705,706

Foreign currency translation reserve

(1,268)

(1,127)

Total equity attributable to Opera shareholders

1,010,716

988,975

Liabilities:

Non-current lease liabilities

4,544

4,004

Deferred tax liabilities

9,212

7,750

Other non-current liabilities

Total non-current liabilities

13,766

11,761

Trade and other payables

89,520

89,788

Current lease liabilities

3,866

4,861

Income tax payable

6,610

10,214

Deferred revenue

4,499

14,230

Other current liabilities

14,273

21,119

Total current liabilities

118,768

140,212

Total liabilities

132,535

151,973

Total equity and liabilities

1,143,251

1,140,948

Opera Limited

Consolidated Statement of Changes in Equity

(In thousands, except number of shares, unaudited)

For the three months ended March 31, 2025:

Number

of shares

outstanding

capital

Additional

paid-in

capital

Treasury

Retained

earnings

Foreign

currency

translation

reserve

Total equity

attributable

to Opera

shareholders

As of January 1, 2025

88,480,154

647,212

(238,815)

536,623

(4,938)

940,100

Net income

—

18,283

—

18,283

Other comprehensive income

—

1,153

Cost of equity awards, net of tax

—

5,434

—

5,434

Issuance of shares upon exercise of equity awards

1,020,700

—

Dividends

—

(35,395)

—

(35,395)

As of March 31, 2025

89,500,854

611,818

(238,815)

560,340

(3,786)

929,576

For the three months ended March 31, 2026:

Number

of shares

outstanding

capital

Additional

paid-in

capital

Treasury

Retained

earnings

Foreign

currency

translation

reserve

Total equity

attributable

to Opera

shareholders

As of January 1, 2026

89,648,056

576,046

(238,815)

674,735

(1,268)

1,010,716

Net income

—

24,786

—

24,786

Other comprehensive income

—

141

Cost of equity awards, net of tax

—

6,185

—

6,185

Issuance of shares upon exercise of equity awards

1,045,522

—

Share repurchases (1)

(1,140,611)

—

(16,975)

Dividends

—

(35,878)

—

(35,878)

As of March 31, 2026

89,552,967

540,168

(255,789)

705,706

(1,127)

988,975

(1)

Includes ADSs repurchased from the public market and ordinary shares repurchased or agreed to be repurchased from our majority shareholder on a pro rata basis under a share purchase agreement. Within the totals, 288,431 shares subject to a binding repurchase agreement with the majority shareholder have been reflected, corresponding to a redemption obligation of $4.1 million recognized in equity as of period-end, with delivery of the shares and cash settlement taking place in the subsequent quarter.

Opera Limited

Consolidated Statement of Cash Flows

(In thousands, unaudited)

Three Months Ended March 31,

2025

2026

Cash flows from operating activities:

Income before income taxes

20,791

29,886

Adjustments to reconcile income before income taxes to net cash flow from operating activities:

Net finance (income) expense

277

(143)

Share of net income (loss) of equity-accounted investees

Impairment of non-financial assets

733

670

Depreciation and amortization

4,434

5,205

Cost of equity awards

5,761

6,034

Other adjustments

(572)

(1,204)

Changes in working capital:

Trade and other receivables

(11,034)

5,523

Other current assets

437

(2,285)

Trade and other payables

(6,693)

343

Deferred revenue

(1,050)

(1,902)

Other liabilities

3,140

2,713

Income taxes paid

(286)

(2,714)

Net cash flow from operating activities

15,945

42,145

Cash flows from investing activities:

Purchase of equipment

(596)

(2,465)

Development expenditure

(2,231)

(2,882)

Investment in an associate

(1,250)

Interest received

678

824

Net cash flow used in investing activities

(3,399)

(5,772)

Cash flows from financing activities:

Share repurchases

—

(12,846)

Dividends paid

(35,395)

(35,878)

Payment of lease liabilities

(1,091)

(1,293)

Interest paid

(120)

(116)

Net cash flow used in financing activities

(36,606)

(50,133)

Net change in cash and cash equivalents

(24,060)

(13,759)

Cash and cash equivalents at beginning of period

126,797

155,466

Effect of exchange rate changes on cash and cash equivalents

809

197

Cash and cash equivalents at end of period

103,546

141,904

Opera Limited

Supplemental Financial Information

(In thousands, unaudited)

Revenue

The following table presents revenue disaggregated by type:

Three Months Ended March 31,

2025

2026

Advertising

94,626

116,992

Query

47,566

58,298

Other revenue

524

482

Total revenue

142,717

175,771

Share-based Compensation Expenses

The table below presents the amounts of share-based compensation expenses:

Three Months Ended March 31,

2025

2026

Cost of Opera-granted awards

(7,299)

(4,427)

Cost of parent-granted awards (1)

1,538

(1,606)

Total cost of equity awards

(5,761)

(6,034)

Social security contributions for Opera-granted awards

(240)

(373)

Total share-based compensation expenses

(6,000)

(6,407)

(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 March 31,

2025

2026

Hosting

(2,930)

(4,360)

Audit, legal and other advisory services

(2,202)

(405)

Software license fees

(838)

(927)

Rent and other office expenses

(631)

(626)

Travel

(498)

(485)

Other

(733)

(1,712)

Total other operating expenses

(7,833)

(8,515)

Opera Limited

Reconciliations of Non-IFRS Financial Measures

(In thousands, except per share amounts, unaudited)

The following table presents a reconciliation of net income to adjusted net income:

Three Months Ended March 31,

2025

2026

Net income

18,283

24,786

Add (deduct):

Share of net loss of equity-accounted investees

Impairment of non-financial assets

733

670

Amortization of acquired intangible assets

645

Share-based compensation expenses

6,000

6,407

Income tax effect on adjustments

(1,514)

(1,351)

Adjusted net income

24,154

31,176

Diluted weighted-average number of shares outstanding

90,188

91,143

Adjusted diluted earnings per share

0.27

0.34

The following table is a reconciliation of net income to adjusted EBITDA:

Three Months Ended March 31,

2025

2026

Net income

18,283

24,786

Add (deduct):

Income tax expense

2,508

5,100

Net finance (income) expense

277

(143)

Share of net loss of equity-accounted investees

Impairment of non-financial assets

733

670

Depreciation and amortization

4,434

5,205

Share-based compensation expenses

6,000

6,407

Other operating income

(45)

Adjusted EBITDA

32,259

41,998

The table below reconciles net cash flow from operating activities to free cash flow from operations:

Three Months Ended March 31,

2025

2026

Net cash flow from operating activities

15,945

42,145

Deduct:

Purchase of equipment

(596)

(2,465)

Development expenditure

(2,231)

(2,882)

Payment of lease liabilities

(1,091)

(1,293)

Free cash flow from operations

12,026

35,506

SOURCE Opera Limited