Q4 2025 Opera Ltd Earnings Call

February 26, 2026

Operator: Please stand by. Your program is about to begin. Welcome to the Opera Limited Q4 and full year 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this period, you will need to press star one on your telephone keypad. If you want to remove yourself from the queue, please press star two. Please be advised that today's call is being recorded. Lastly, if you should need operator assistance, please press star zero. I would now like to turn the call over to your speaker today, Matthew Wolfson, Head of Investor Relations. Please begin.

Speaker #2: After the speaker's presentation, there will be a question-and-answer session. To ask a question during this period, you will need to press *1 on your telephone keypad.

Speaker #2: If you want to remove yourself from the queue, please press *2. Please be advised that today's call is being recorded. Lastly, if you should need Operator Assistance, please press *0.

Speaker #2: I would now like to turn the call over to your speaker today, Matt Wolfson, Head of Investor Relations. Please begin. Thank you for joining us.

Matthew Wolfson: Thank you for joining us. This morning, I am joined by our CEO, Song Lin, and our CFO, Frode Jacobsen. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially as a result of various factors, including those set forth in today's earnings press release and in our most recent annual report on Form 20 S, filed with the SEC. We undertake no obligations to update any forward-looking statement. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of IFRS to non-IFRS measures is included in today's earnings press release.

Speaker #2: This morning, I am joined by our CEO, Song Lin, and our CFO, Frode Jacobsen. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking.

Speaker #2: Such statements are based on current expectations and assumptions, that are subject to a number of risks and uncertainties. Actual results could differ materially as a result of various factors, including those set forth in today's earnings press release and in our most recent annual report on Form 20S filed with the SEC.

Speaker #2: We undertake no obligations to update any forward-looking statement. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of IFRS to non-IFRS measures is included in today's earnings press release.

Speaker #2: The earnings press release and accompanying investor presentation are available on our investor relations website at investor dot opera dot com. Our comments will be on year-over-year comparisons unless we state otherwise.

Matthew Wolfson: The earnings press release and accompanying investor presentation are available on our investor relations website at investor.opera.com. Our comments will be on year-over-year comparisons unless we state otherwise. With that, let me turn the call over to our CEO, Song Lin, who will cover our Q4 operational highlights and strategy, and then Frode Jacobsen, who will discuss the details of our financials and expectations for the Q1 and full year. Song?

Speaker #2: With that, let me turn the call over to our CEO, Song Lin, who will cover our 4th Quarter operational highlights and strategy, and then Frode Jacobsen, who will discuss the details of our financials and expectations for the 1st Quarter and Full Year.

Speaker #2: Song?

Speaker #3: Sure. Thank you, Matt. And good day, everyone. While we pre-announced Q4 outer performance, we have been very much looking forward to today and to tell you how great our actual results were and even more importantly, how exciting our 2026 guidance is.

Lin Song: Sure. Thank you, Matt, and good day, everyone. While we pre-announced Q4 outperformance, we have been very much looking forward to today and to tell you how great our actual results were, and even more importantly, how exciting our 2026 guidance is. Advertising revenue, led by continued scaling of eCommerce, came in with an unprecedented sequential increase of $90 million versus Q3, resulting in 25% year-over-year growth. Clearly, we are performing well for an increased number of advertiser partners, all running performance-based campaigns with us, and we have yet again shown our ability to leverage the seasonally strongest Q4 to crown a year of fast growth. In addition, our rapidly expanding monetization of user intent, query revenue, continued with 16% growth year-over-year. This was fueled by both healthy search.

Song Lin: Sure. Thank you, Matt, and good day, everyone. While we pre-announced Q4 outperformance, we have been very much looking forward to today and to tell you how great our actual results were, and even more importantly, how exciting our 2026 guidance is. Advertising revenue, led by continued scaling of eCommerce, came in with an unprecedented sequential increase of $90 million versus Q3, resulting in 25% year-over-year growth. Clearly, we are performing well for an increased number of advertiser partners, all running performance-based campaigns with us, and we have yet again shown our ability to leverage the seasonally strongest Q4 to crown a year of fast growth. In addition, our rapidly expanding monetization of user intent, query revenue, continued with 16% growth year-over-year. This was fueled by both healthy search.

Speaker #3: Advertising revenue led by continued scaling of e-commerce came in with an unprecedented sequential increase of $19,000,000 the short quarter resulting in $25% year-over-year growth.

Speaker #3: Clearly, we are performing well for an increasing number of advertiser partners, all running performance-based campaigns with us, and we have yet again shown our ability to leverage the seasonally strongest fourth quarter to cross a year of fast growth.

Speaker #3: In addition, our rapidly expanding monetization of user intent query revenue continued with 16% growth year-over-year. This was fueled by both healthy search revenue growth and a continuation of 200% plus query revenue.

Lin Song: revenue growth and a continuation of 200%+ year-over-year growth in non-search power revenue. The monetization of intent-based traffic beyond search is an exciting opportunity, contributing over $5 million of revenue in the quarter, and will continue to be our fastest-growing revenue component in 2026. All in all, Q4 revenue growth was 22% against the toughest quarterly comparison of 2024, and 8% higher than the midpoint of guidance. Our resulting annual revenue growth was 28% in 2025, an acceleration from 21% growth in 2024. EBITDA also came in well above the high end of our guidance range, and 7% higher than the midpoint. We continue to invest in both product marketing and the growth of advertiser relationships, while maintaining a healthy EBITDA margin and solid cash flow, which Frode we'll cover in more detail later.

Song Lin: revenue growth and a continuation of 200%+ year-over-year growth in non-search power revenue. The monetization of intent-based traffic beyond search is an exciting opportunity, contributing over $5 million of revenue in the quarter, and will continue to be our fastest-growing revenue component in 2026. All in all, Q4 revenue growth was 22% against the toughest quarterly comparison of 2024, and 8% higher than the midpoint of guidance. Our resulting annual revenue growth was 28% in 2025, an acceleration from 21% growth in 2024. EBITDA also came in well above the high end of our guidance range, and 7% higher than the midpoint. We continue to invest in both product marketing and the growth of advertiser relationships, while maintaining a healthy EBITDA margin and solid cash flow, which Frode we'll cover in more detail later.

Speaker #3: The monetization of intent-based traffic beyond search is an exciting opportunity contributing over $5,000,000 revenue in the quarter and will continue to be our fastest growing revenue component in 2026.

Speaker #3: All in all, Q4 revenue growth was 22% against the toughest quarterly comparison of 2024, and 8% higher than the midpoint of guidance. Our resulting annual revenue growth was 28% in 2025, an acceleration from 21% growth in 2024.

Speaker #3: EBITDA also came in well above the high end of our guidance range, and 7% higher than the midpoint. We continue to invest in both product marketing and the growth of advertiser relationships while maintaining a healthy EBITDA margin and solid cash flow which further well cover in more detail later.

Speaker #3: We have talked a lot about our positioning in the AI era over the past years, and the topic continues to deserve attention. Our job is to make the best browsers for demanding users, we are amazed and the quality of emerging AI services as I'm sure many of you are too.

Lin Song: We have talked a lot about our positioning in the AI era over the past years. The topic continues to deserve attention. Our job is to make the best browsers for demanding users. We are amazed at the quality of emerging AI services, as I'm sure many of you are too. We do not consider these companies our competitors, but rather current and potential future partners. Our focus is to create the best orchestration layer possible for end users to benefit from this rapidly expanding ecosystem. The best example is Google, which has delivered the world's best search experience for decades and is showcasing its technical abilities through the advancing Gemini models. Google has its own browser, but has been our partner for 25 years as we deliver an integrated experience for the end user to benefit from these services in a feature-rich and advanced browser.

Song Lin: We have talked a lot about our positioning in the AI era over the past years. The topic continues to deserve attention. Our job is to make the best browsers for demanding users. We are amazed at the quality of emerging AI services, as I'm sure many of you are too. We do not consider these companies our competitors, but rather current and potential future partners. Our focus is to create the best orchestration layer possible for end users to benefit from this rapidly expanding ecosystem. The best example is Google, which has delivered the world's best search experience for decades and is showcasing its technical abilities through the advancing Gemini models. Google has its own browser, but has been our partner for 25 years as we deliver an integrated experience for the end user to benefit from these services in a feature-rich and advanced browser.

Speaker #3: And we do not consider these companies our competitors, but rather current and potential future partners our focus is to create the best orchestration layout possible for end users to benefit from this rapidly expanding ecosystem.

Speaker #3: The best example is Google. Which has delivered the world's best search experience for decades and is showcasing its technical abilities through the advancing Gemini models Google has its own browser but has been our partner for 25 years as we deliver an integrated experience for the end user to benefit from these services in official reach and advanced browser.

Speaker #3: And with the broadening ecosystem of services the appeal of an independent browser only increases and at the same time the attention to the browser space resulting in more people contemplating which browser represents a better alternative.

Lin Song: With the broadening ecosystem of services, the appeal of an independent browser only increases, and at the same time, the attention to the browser space results in more people contemplating which browser represents a better alternative. That sentiment should be shared by the new AI companies, which would prefer to reach their users via an independent Opera browsers, as opposed to a direct competitor's browser. That is a healthy basis for constructive relationships. Our strength is browser sophistication and a dedication to augment the web experience in ways that users will find familiar and useful. Most people don't want to change their browsing habits, rather, they are looking to enhance it with a richer experience enabled by AI and agentic capabilities of their choosing. It all starts with browsing at its core.

Song Lin: With the broadening ecosystem of services, the appeal of an independent browser only increases, and at the same time, the attention to the browser space results in more people contemplating which browser represents a better alternative. That sentiment should be shared by the new AI companies, which would prefer to reach their users via an independent Opera browsers, as opposed to a direct competitor's browser. That is a healthy basis for constructive relationships. Our strength is browser sophistication and a dedication to augment the web experience in ways that users will find familiar and useful. Most people don't want to change their browsing habits, rather, they are looking to enhance it with a richer experience enabled by AI and agentic capabilities of their choosing. It all starts with browsing at its core.

Speaker #3: That sentiment should be shared by the new AI companies which would prefer to reach their users via an independent opera browsers as opposed to a direct competitor's browser.

Speaker #3: That is a healthy basis for constructive relationships. Our strengths is browser sophistication, and a dedication to augment the web experience in ways the users will find familiar and useful.

Speaker #3: Most people don't want to change their browsing habits rather they are looking to enhance it with a richer experience enabled by AI and agentic capabilities of their choosing.

Speaker #3: But it all starts with browsing at its core the browser itself is a gateway to your online journey and it is a mistake to build a browser that is a little more than an AI terminal with browsing the web as an afterthought.

Lin Song: The browser itself is a gateway to your online journey, and it is a mistake to build a browser that is little more than an AI terminal, with browsing the web as an afterthought. This positioning is also what enables our financial profile. We do not need to plow massive capital into hardware, nor enter a fierce, competitive large language model arms race. Financially, this is a continuation of the profile we've consistently shown, a healthy combination of growth, profitability, and cash generation, and a relatively unique resulting ability to be both a growth company with no financial constraints to seize our potential, while also returning significant cash to our shareholders.

Song Lin: The browser itself is a gateway to your online journey, and it is a mistake to build a browser that is little more than an AI terminal, with browsing the web as an afterthought. This positioning is also what enables our financial profile. We do not need to plow massive capital into hardware, nor enter a fierce, competitive large language model arms race. Financially, this is a continuation of the profile we've consistently shown, a healthy combination of growth, profitability, and cash generation, and a relatively unique resulting ability to be both a growth company with no financial constraints to seize our potential, while also returning significant cash to our shareholders.

Speaker #3: This positioning is also what enables our financial profile we do not need to plow massive capital into hardware nor enter a fierce competitive large language model arms race.

Speaker #3: Financially, this is a continuation of the profile with consistently shown a healthy combination of growth, profitability, and cash generation. And a relatively unique resulting ability to be both a growth company with no financial constraints to seize our potential while also returning significant cash to our shareholders.

Speaker #3: While our performance and outlook are not fully reflected by the public markets today there is always a silver lining and in this case it is our ability to take advantage of this opportunity to create significant value for our shareholders by launching a major share buyback program further well going to the specifics shortly.

Lin Song: While our performance and outlook are not fully reflected by the public market today, there is always a silver lining, and in this case, it is our ability to take advantage of this opportunity to create significant value for our shareholders by launching a major share buyback program. Further, we'll go into the specifics shortly. Moving on to operational highlights. 2025 was certainly another year of rapid innovation and builds upon our modular technology and preference to tailor browsers to distinct audiences. We launched two new browsers, Opera Air and the subscription-based Opera Neon, which became widely available in early December. While user demand for agentic browsers is not yet mainstream, Neon is a terrific product that solves multiple goals.

Song Lin: While our performance and outlook are not fully reflected by the public market today, there is always a silver lining, and in this case, it is our ability to take advantage of this opportunity to create significant value for our shareholders by launching a major share buyback program. Further, we'll go into the specifics shortly. Moving on to operational highlights. 2025 was certainly another year of rapid innovation and builds upon our modular technology and preference to tailor browsers to distinct audiences. We launched two new browsers, Opera Air and the subscription-based Opera Neon, which became widely available in early December. While user demand for agentic browsers is not yet mainstream, Neon is a terrific product that solves multiple goals.

Speaker #3: Moving on to operational highlights 2025 was certainly another year of rapid innovation and built upon our multiple technology and preference to tailor browsers to distinct audiences.

Speaker #3: We launched two new browsers Opera Air and the subscription-based Opera Neo which became widely available in early December. While user demand for agentic browsers is not yet mainstream Neon is a terrific product that solves multiple goals.

Speaker #3: It provides one of the most advanced browsers for AI demanding power users potentially unlocking a new subscription-based revenue stream and more importantly it is a testing ground for new AI features that we can then introduce across our full suite of browsers.

Lin Song: It provides one of the most advanced browsers for AI-demanding power users, potentially unlocking a new subscription-based revenue stream. More importantly, it is a testing ground for new AI features that we can then introduce across our full suite of browsers. Our revamped flagship browser, Opera One, entered 2025 in its second generation, R2 and most recently was refreshed to R3. In addition to greatly enhanced tab management and split screen views, R3 came with native integration of email, calendar, and our most advanced integrated AI assistant yet, Opera AI. Compared to audio versions, Opera AI benefits from a 20% faster agentic-based engine and contextual responses that allow AI to understand the webpage or an entire group of tabs. This enables it to give answers based on the browsing context, while maintaining privacy and control in the hands of the user.

Song Lin: It provides one of the most advanced browsers for AI-demanding power users, potentially unlocking a new subscription-based revenue stream. More importantly, it is a testing ground for new AI features that we can then introduce across our full suite of browsers. Our revamped flagship browser, Opera One, entered 2025 in its second generation, R2 and most recently was refreshed to R3. In addition to greatly enhanced tab management and split screen views, R3 came with native integration of email, calendar, and our most advanced integrated AI assistant yet, Opera AI. Compared to audio versions, Opera AI benefits from a 20% faster agentic-based engine and contextual responses that allow AI to understand the webpage or an entire group of tabs. This enables it to give answers based on the browsing context, while maintaining privacy and control in the hands of the user.

Speaker #3: Our revamped flagship browser Opera One entered 2025 in its second generation R2 and the most recently was refreshed to R3. In addition to greatly enhanced tab management and split screen views R3 came with native integration of email and calendar and our most advanced integrated AI assistant yet Opera AI.

Speaker #3: Compared to earlier versions Opera AI benefits from a 20% faster agentic-based engine and contextual responses that allow AI to understand the web page or an entire group of tabs.

Speaker #3: This enables it to give answers based on the browsing context while maintaining privacy and control in the hands of the user. As a result the user benefits from more relevant efficient assistancy, and direct task completion within the browsing experience unlike a standalone chat and on the back of expanding monetization opportunities we are bringing Opera AI to all of our browsers.

Lin Song: As a result, the user benefits from more relevant, efficient assistancy, and direct task completion within the browsing experience, unlike a standalone chat. On the back of expanding monetization opportunities, we are bringing Opera AI to all of our browsers. With business models evolving beyond subscription, Opera is exceptionally well positioned to benefit from these trends and take advantage of our successful history of query monetization. Opera GX, the browser for gamers, reached over 34 million MAUs in Q4, a 5% sequential increase, and remains our highest ARPU product. As the official browser sponsor of the League of Legends World Championships, we saw our best weekend of user activations in the history of GX during the tournament.

Song Lin: As a result, the user benefits from more relevant, efficient assistancy, and direct task completion within the browsing experience, unlike a standalone chat. On the back of expanding monetization opportunities, we are bringing Opera AI to all of our browsers. With business models evolving beyond subscription, Opera is exceptionally well positioned to benefit from these trends and take advantage of our successful history of query monetization. Opera GX, the browser for gamers, reached over 34 million MAUs in Q4, a 5% sequential increase, and remains our highest ARPU product. As the official browser sponsor of the League of Legends World Championships, we saw our best weekend of user activations in the history of GX during the tournament.

Speaker #3: With business models evolving beyond subscription Opera is exceptionally well positioned to benefit from this trends and take advantage of our successful history of query monetization.

Speaker #3: Opera GX the browser for gamers reached over 34 million MAUs in the fourth quarter a 5% sequential increase and remains our highest up product.

Speaker #3: As the official browser sponsor of the League of Legends World Championships we saw our best weekend of user activations in the history of GX during the tournament.

Speaker #3: Our mobile browsers also contributed to healthy user base dynamics with Europe continuing to stand out after iOS became a more level playing field following the EU Digital Markets Act all in all we ended the year with 384 million MAUs inclusive of 60 million users in Western markets that contribute the most to our strong up trajectory.

Lin Song: Our mobile browsers also contributed to healthy user base dynamics, with Europe continuing to stand out after iOS became a more level playing field following the EU Digital Markets Act. All in all, we ended the year with 284 million MAUs, inclusive of 60 million users in Western markets that contribute the most to our strong ARPU trajectory. ARPU grew by 26% to $2.49 in Q4. This growth demonstrates our ability to gain users in key target markets, despite new entrants from well-capitalized competitors. We continue to take advantage of our browser position to scale opportunities that are natural extensions. Opera Ads, the platform that initially optimized the relevance of ads to each individual Opera user, has become a global player also on non-browser inventory as part of our audience extension.

Song Lin: Our mobile browsers also contributed to healthy user base dynamics, with Europe continuing to stand out after iOS became a more level playing field following the EU Digital Markets Act. All in all, we ended the year with 284 million MAUs, inclusive of 60 million users in Western markets that contribute the most to our strong ARPU trajectory. ARPU grew by 26% to $2.49 in Q4. This growth demonstrates our ability to gain users in key target markets, despite new entrants from well-capitalized competitors. We continue to take advantage of our browser position to scale opportunities that are natural extensions. Opera Ads, the platform that initially optimized the relevance of ads to each individual Opera user, has become a global player also on non-browser inventory as part of our audience extension.

Speaker #3: Apple grew by 26% to $2.49 in the fourth quarter this growth demonstrates our ability to gain users in key target markets despite new entrants from well-capitalized competitors.

Speaker #3: We continue to take advantage of our browser position to scale opportunities that are natural extensions. Opera Ads the platform that initially optimized the relevance of ads to each individual opera user has become a global player also on non-browser inventory as part of our audience extension.

Speaker #3: Learning from primary data signals with more than doubled its pace of growth in 2025 versus 2024 with well-performing campaigns for advertiser partners. Every second we process 12 million ad queries more than double the year ago period.

Lin Song: Learning from primary data signals, we more than doubled its pace of growth in 2025 versus 2024, with well-performing campaigns for advertiser partners. Every second, we process 12 million ad queries, more than double the year-ago period. We worked with over 300 advertisers in 2025, including four of the five largest e-commerce platforms. Within the top 50 advertisers, the average spend per advertiser grew by 56% in 2025. In terms of our total advertising reach, when taking into account the millions of users that access our content platform through OEM white label solutions and the reach of Opera Ads, it is over half a billion MAUs and growing. This scale and growth positions Opera uniquely among the largest online platforms.

Song Lin: Learning from primary data signals, we more than doubled its pace of growth in 2025 versus 2024, with well-performing campaigns for advertiser partners. Every second, we process 12 million ad queries, more than double the year-ago period. We worked with over 300 advertisers in 2025, including four of the five largest e-commerce platforms. Within the top 50 advertisers, the average spend per advertiser grew by 56% in 2025. In terms of our total advertising reach, when taking into account the millions of users that access our content platform through OEM white label solutions and the reach of Opera Ads, it is over half a billion MAUs and growing. This scale and growth positions Opera uniquely among the largest online platforms.

Speaker #3: We worked with over 300 advertisers in 2025 including four of the five largest e-commerce platforms within the top 50 advertisers the average spend per advertiser grew by 56% in 2025.

Speaker #3: In terms of our total advertising reach when taken into account the millions of users that access our content platform through OEM white label solutions and the reach of Opera Ads it is over half a billion MAUs and growing.

Speaker #3: This scale and growth positions Opera uniquely among the largest online platforms. Another native extension of our footprint is MiniPay. A stablecoin wallet that emerged as a feature inside our mini browser tailored to emerging market users and is now available as a dedicated app.

Lin Song: Another native extension of our footprint is MiniPay, a Stablecoin wallet that emerged as a feature inside our Opera Mini, tailored to emerging market users and is now available as a dedicated app. MiniPay continues to drive adoption in a Stablecoin market, with over 13 million activated wallets, an increase from 10 million in Q3. The accumulated number of transactions increased from 290 million Q3 to 390 million. MiniPay is the fastest growing Stablecoin wallet in Africa, appreciated for its technical ease and seamless integrations, with a broad partner ecosystem, enabling simple and low to no-fee transactions. Most recently, we expanded support for USDT and Tether Gold, and are rolling out the MiniPay card to increase functionality and serve as an important off-ramp, offering best-in-class FX rates.

Song Lin: Another native extension of our footprint is MiniPay, a Stablecoin wallet that emerged as a feature inside our Opera Mini, tailored to emerging market users and is now available as a dedicated app. MiniPay continues to drive adoption in a Stablecoin market, with over 13 million activated wallets, an increase from 10 million in Q3. The accumulated number of transactions increased from 290 million Q3 to 390 million. MiniPay is the fastest growing Stablecoin wallet in Africa, appreciated for its technical ease and seamless integrations, with a broad partner ecosystem, enabling simple and low to no-fee transactions. Most recently, we expanded support for USDT and Tether Gold, and are rolling out the MiniPay card to increase functionality and serve as an important off-ramp, offering best-in-class FX rates.

Speaker #3: MiniPay continues to drive adoption in a stablecoin market with over 13 million activated wallets and increase from 10 million in the third quarter. The accumulated number of transactions increased from 290 million last quarter to 390 million.

Speaker #3: MiniPay is the fastest growing stablecoin wallet in Africa appreciated for its technical ease and seamless integrations with the broad partner ecosystem enabling simple and low to no fee transactions.

Speaker #3: Most recently, we expanded support for USDT and Tether Gold and are rolling out the MiniPay card to increase functionality and solve the important off-ramp.

Speaker #3: Offering best-in-class FX rates building upon our succeeding Africa our 2026 focus will be to invest in making MiniPay a more global platform. With that I would like to turn the call over to our CFO Frode Jacobsen to discuss our financial results guidance and capital allocation in greater detail.

Lin Song: Building upon our success in Africa, our 2026 focus will be to invest in making MiniPay a more global platform. With that, I would like to turn the call over to our CFO, Frode Jacobsen, to discuss our financial results, guidance, and capital allocation in greater detail. Frode?

Song Lin: Building upon our success in Africa, our 2026 focus will be to invest in making MiniPay a more global platform. With that, I would like to turn the call over to our CFO, Frode Jacobsen, to discuss our financial results, guidance, and capital allocation in greater detail. Frode?

Speaker #3: Frode.

Speaker #2: Thanks, Tom. As Songlin also mentioned, we have been looking forward to sharing our complete fourth quarter and full year results, with growth well ahead of even recent expectations and above the guidance ranges on both revenue and adjusted EBITDA.

Frode Jacobsen: Thanks, Song. As Lin Song also opened, we have been looking forward to sharing our complete Q4 and full year results with growth well ahead of even recent expectations and above the guidance ranges on both revenue and adjusted EBITDA. While we always apply caution to guidance, exceeding the high end of our revenue range by over $12 million is a recent record. Relative to midpoints, revenue was 8% above guidance and adjusted EBITDA was 7% above guidance. We are also very pleased with the composition of our overperformance, with healthy trajectories across both advertising and query revenue. Our e-commerce success translated into a record contribution from the holiday shopping season, and as importantly, demonstrated our ability to scale our partnerships further ahead of embarking on a new year.

Speaker #2: While we always apply caution to guidance exceeding the high end of our revenue range by over 12 million is a recent record. Relative to midpoints revenue was 8% above guidance and adjusted EBITDA was 7% above guidance.

Speaker #2: We are also very pleased with the composition of our overall performance with healthy trajectories across both advertising and query revenue. Our e-commerce success translated into a record contribution from the holiday shopping season and as importantly demonstrated our ability to scale our partnerships further ahead of embarking on a new year.

Speaker #2: Our most mature revenue stream search is evolving and broadening with our ability to monetize users' intent as part of query revenue, whether it relates to reactive suggestions or advancing our intent-based traffic partnerships.

Frode Jacobsen: Our most mature revenue stream, search, is evolving and broadening with our ability to monetize users' intent as part of query revenue, whether it relates to reactive suggestions or advancing our intent-based traffic partnerships. In addition, AI unlocks query volume that was previously too complex for the search bar and represents a major improvement in the user experience, including well-tailored advertiser recommendations. Quarterly revenue totaled $177 million, 22% up year-over-year, and well ahead of guidance. Looking at our quarterly cost components, we incurred about $1 million more cash compensation expense than expected, predominantly a result of increased bonus provisions and a weaker US dollar. Cost of revenue items also scaled with the revenue overperformance, representing 37.4% of total revenue. Marketing costs and the sum of all other OpEx items, pre-adjusted EBITDA, came in according to expectations.

Speaker #2: In addition AI unlocks query volume that was previously too complex for the search bar and represents a major improvement in the user experience including well-tailored advertiser recommendations.

Speaker #2: Quarterly revenue totaled 177 million 22% up year over year and well ahead of guidance. Looking at our quarterly cost components we incurred about $1 million more cash compensation expense than expected predominantly a result of increased bonus provisions and a weaker US dollar.

Speaker #2: Cost of revenue items also scaled with the revenue over performance, representing 37.4% of total revenue. Marketing costs and the sum of all other OPEX items pre-adjusted EBITDA came in according to expectations.

Speaker #2: In total and largely as a function of revenue over performance costs were $11 million higher than implied in our midpoint guidance though this was more than offset by the comparable 14 million increase in revenue resulting in $3 million incremental adjusted EBITDA.

Frode Jacobsen: In total, and largely as a function of revenue overperformance, costs were $11 million higher than implied in our midpoint guidance, though this was more than offset by the comparable $14 million increase in revenue, resulting in $3 million incremental adjusted EBITDA. Quarterly adjusted EBITDA came in at $42 million, a 23.6% margin, and also outside the guidance range, as earlier stated. All in all, full year revenue came in at $615 million, growing 28%. 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. 2025 adjusted EBITDA came in at $143 million, a 23.2% margin.

Speaker #2: Quarterly adjusted EBITDA came in at 42 million a 23.6% margin and also outside the guidance range as earlier stated. All in all full year revenue came in at $615 million growing 28%.

Speaker #2: 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.

Speaker #2: 2025 adjusted EBITDA came in at 143 million a 23.2% margin. This too represented a solid increase of 7.5 million versus initial guidance adding 7 percentage points to the expected growth rate for the year.

Frode Jacobsen: This, too, represented a solid increase of $7.5 million versus initial guidance, adding 7 percentage points to the expected growth rate for the year. 2025 was our fifth consecutive year as a Rule of 40 company. A few words about gross margin. As we scale Opera Ads, which has a different gross margin profile compared to our O&O revenue streams, we see a greater cost of revenue component in our results, but the platform comes with no marketing cost and a limited OpEx base. Our EBITDA margin was relatively stable, even as we delivered 28% overall revenue growth. It's worth noting that the Opera Ads gross margin actually expanded in parallel with its scaling from 2024 to 2025, thanks to enhancements in our optimization algorithms, showing how both we and our advertisers benefit from our strong targeting capabilities.

Speaker #2: With that 2025 was our fifth consecutive year as a rule of 40 company. A few words about gross margin. As we scale up our ads which has a different gross margin profile compared to our O&O revenue streams we see a greater cost of revenue component in our results.

Speaker #2: But the platform comes with no marketing cost and a limited OPEX base. As a result our EBITDA margin was relatively stable even as we delivered 28% overall revenue growth.

Speaker #2: It's worth noting that the upper ads gross margin actually expanded in parallel with its scaling from 2024 to 2025 thanks to enhancements in our optimization algorithms.

Speaker #2: Showing how both we and our advertisers benefit from our strong targeting capabilities. Operating cash flow was $40 million in the quarter or 96% of adjusted EBITDA resulting in a full year operating cash flow of $118 million or a relatively normalized 83% as expected.

Frode Jacobsen: Operating cash flow was $40 million in the quarter, or 96% of adjusted EBITDA, resulting in a full year operating cash flow of $118 million, or a relatively normalized 83% as expected. Free cash flow from operations, which also deducts capitalized equipment and development, as well as payment of lease liabilities, was $35 million in the quarter and $98 million for the year, corresponding to 84% and 69% of adjusted EBITDA, respectively. As percentages of adjusted EBITDA, we believe these annual levels represent fair expectations for 2026 cash conversion as well, while we will continue to see quarterly fluctuations with seasonality, tax, and bonus payments, and other cyclical effects. Turning to guidance. While we are very pleased with our performance last year, we are still early in our trajectory.

Speaker #2: Free cash flow from operations which also deducts capitalized equipment and development as well as payment of lease liabilities was $35 million in the quarter and $98 million for the year corresponding to $84 and $69% of adjusted EBITDA respectively.

Speaker #2: As percentages of adjusted EBITDA we believe these annual levels represent fair expectations for 2026 cash conversion as well while we will continue to see quarterly fluctuations with seasonality tax and bonus payments and other cyclical effects.

Speaker #2: Then turning to guidance. While we are very pleased with our performance last year we are still early in our trajectory. 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.

Frode Jacobsen: 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. Starting with the current quarter, we guide Q1 revenue of $169 to $172 million, representing 18% to 21% growth year-over-year. The guidance reflects the growth momentum experienced year to date, reducing the sequential effect following the seasonally strongest quarter. We are generating healthy margins and are guiding for adjusted EBITDA of $38 to $40 million, a 22.9% margin at the midpoints, setting a solid foundation for the remainder of the year. For 2026 as a whole, we guide revenue of $720 to $735 million, translating into growth of 17% to 20%.

Speaker #2: Starting with the current quarter we guide Q1 revenue of $169 to $172 million representing 18 to 21% growth year over year. The guidance reflects the gross momentum experienced year to date reducing the sequentially effect following the seasonally strongest quarter.

Speaker #2: We are generating healthy margins and our guiding for adjusted EBITDA of $38 to $40 million a 22.9% margin at the midpoints setting a solid foundation for the remainder of the year.

Speaker #2: For 2026 as a whole we guide revenue of $720 to $735 million translating into growth of $17 to $20%. While we prefer to be prudent at such an early point in the year we are humbled by how far we have come in these past few years and our opportunities ahead.

Frode Jacobsen: While we prefer to be prudent at such an early point in the year, we are humbled by how far we have come in these past few years and our opportunities ahead. We got adjusted EBITDA of $167 to $172 million, a 23.3% margin at the midpoints. We take pride in driving organic revenue growth at a healthy level of profitability, and while our guidance reflects an inclination to focus on building scale over expanding margins, it implies a slight tick up in profitability, with the 2025 margin level now representing the starting point of the range. In terms of costs, we implicitly guide to a full year OpEx base, pre-adjusted EBITDA of $558 million at the midpoints, of which $131.5 million in Q1.

Speaker #2: We guide adjusted EBITDA of 167 to 172 million a 23.3% margin at the midpoints. We take pride in driving organic revenue growth at a healthy level of profitability and while our guidance reflects an inclination to focus on building scale over expanding margins it implies a slight tick up in profitability with the 2025 margin level now representing the starting point of the range.

Speaker #2: In terms of costs we then implicitly guide to a full year OPEX base pre-adjusted EBITDA of $558 million at the midpoints of which $131.5 million in Q1.

Speaker #2: We expect cost of revenue items combined to represent about 38% of revenue for the year, starting somewhat below and ticking up as the year progresses.

Frode Jacobsen: We expect cost of revenue items combined to represent about 38% of revenue for the year, starting somewhat below and ticking up as the year progresses. That represents a 2 percentage point gross margin headwind for the year, while Opera Ads in isolation is expected to continue its margin expansion. Economies of scale across the other OpEx items supports the combination of rapid growth, combined with a cautious adjusted EBITDA margin expansion. Cash-based compensation expense is expected to grow with the percentage in the low teens, with quarterly costs starting just below our Q4 2025 level and ticking up with annual salary adjustments as of April. Full year marketing cost is expected to grow by about 10% from the 2025 level, with a relatively even distribution of the annual spend between the quarters.

Speaker #2: That represents a 2 percentage point gross margin headwind for the year while upper ads in isolation is expected to continue its margin expansion. Economies of scale across the other OPEX items supports the combination of rapid growth combined with a cautious adjusted EBITDA margin expansion.

Speaker #2: Cash-based compensation expense is expected to grow with the percentage in the low teens with quarterly costs starting just below our Q4 2025 level and ticking up with annual salary adjustments as of April.

Speaker #2: Full year marketing cost is expected to grow by about 10% from the 2025 level with a relatively even distribution of the annual spend between the quarters.

Speaker #2: And all other OPEX items pre-adjusted EBITDA are expected to grow by about 15% for the year as a whole, starting just below the Q4 level and increasing quite linearly through the year.

Frode Jacobsen: All other OpEx items, pre-adjusted EBITDA, are expected to grow by about 15% for the year as a whole, starting just below the Q4 level and increasing quite linearly through the year. Finally, we are excited to launch our new buyback program today, which is of an unprecedented scale. In fact, the $300 million authorization exceeds all prior buybacks combined and represents over 25% of our market cap as of this morning. Our ability to do this, on top of an already meaningful recurring dividend, only highlights the attractiveness of our operating model and commitment to shareholder returns. Given our belief that our stock is trading at levels that do not reflect our continued success, we are taking advantage of our strong balance sheet and expanding cash generation to capture a compelling ROI opportunity for our shareholders.

Speaker #2: Finally we are excited to launch our new buyback program today which is of an unprecedented scale. In fact the $300 million authorization exceeds all prior buybacks combined and represents over 25% of our market cap as of this morning.

Speaker #2: Our ability to do this on top of an already meaningful recurring dividend only highlights the attractiveness of our operating model and commitment to shareholder returns.

Speaker #2: Given our belief that our stock is trading at levels that do not reflect our continued success we are taking advantage of our strong balance sheet and expanding cash generation to capture a compelling ROI opportunity for our shareholders.

Speaker #2: We will pay some structured buyback program based on market conditions, and we will buy back shares from our majority shareholder at the same pace as we buy back shares in the public market, ensuring that our free float percentage remains unchanged while massively stepping up our return of cash to shareholders.

Frode Jacobsen: We will pace and structure the buyback program based on market conditions. We will buy back shares from our majority shareholder at the same pace as we buy back shares in the public markets, ensuring that our free float percentage remains unchanged while massively stepping up our return of cash to shareholders. All in all, we are very pleased and also proud of the results we have achieved, thanks to our highly driven team and our ability to expand monetization while enhancing the user experience. We look forward to keeping you posted as yet another year with much promise progresses. With that, I'll turn the call back to the operator for questions.

Speaker #2: All in all, we are very pleased and also proud of the results we have achieved, thanks to our highly driven team and our ability to expand monetization while enhancing the user experience.

Speaker #2: We look forward to keeping you posted as yet another year with much promise progresses. With that I'll turn the call back to the operator for questions.

Speaker #1: Thank you. As a reminder to ask a question please press star one on your telephone keypad. To withdraw your question press star two. When posing your question we ask that you please pick up your handset for optimal sound quality.

Operator: Thank you. As a reminder, to ask a question, please press star one on your telephone keypad. To withdraw your question, press star two. When posing your question, we ask that you please pick up your handset for optimal sound quality. We'll take our first question from Ronald Josey with Citi. Please go ahead.

Speaker #1: And we'll take our first question from Ron Josie with Citi. Please go ahead.

Speaker #3: Great. Thanks for taking the question. I wanted to ask a little bit more about Western Users which grew about 2 million sequentially and I think we had some positive commentary around greater competition in Europe.

Ronald Josey: Great, thanks for taking the question. I wanted to ask a little bit more about Western users, which grew about 2 million sequentially, and I think we had some positive commentary around greater competition in Europe. Just talk to us about the ability to continue to gain these users despite, call it, greater competition and everything else. Talk about Western users and the growth there as one. The next question is just on ads overall. With e-commerce growing 25% year-over-year, you know, a lot of that from e-commerce specifically, you know, the top 50 advertisers grew 56%. Talk to us about the traction that you're seeing within e-commerce and how you position that going forward. Thank you.

Speaker #3: So just talk to us about the ability to continue to gain these users despite call it greater competition and everything else. So talk to us about Western Users and the growth there as one.

Speaker #3: And then the next question is just on ads overall. With e-commerce growing 25% year over year a lot of that from e-commerce specifically. You noted the top 50 advertisers grew 56%.

Speaker #3: Talk to us about the traction that you're seeing within e-commerce, and how you position that going forward. Thank you.

Speaker #4: So, I think it might be muted.

Frode Jacobsen: I think they might be muted.

Lin Song: It's only. Yeah. Yeah, I can answer this. No, no, I just saw that he mentioned that you further, this is only I can try to also give a full step, further I can also comment a bit afterwards. Yeah, I mean, I think overall, well, I'm quite happy with the user performance in Q4. I mean, actually, both for the total MAUs, I think it's a good number, because as we always mentioned in the past, that we are always, you know, like, losing some feature phone users, we're always growing in where it counts, smartphone users and desktop users. Of course, a fair percentage of, you know, that is also Western users, which also showed up nicely in the Q4 states.

Speaker #3: It's only yeah. Yeah I can answer this. No I just saw that he mentioned that you further but this is only I can try to answer and give a full stab and then further can also comment a bit afterwards.

Song Lin: It's only. Yeah. Yeah, I can answer this. No, no, I just saw that he mentioned that you further, this is only I can try to also give a full step, further I can also comment a bit afterwards. Yeah, I mean, I think overall, well, I'm quite happy with the user performance in Q4. I mean, actually, both for the total MAUs, I think it's a good number, because as we always mentioned in the past, that we are always, you know, like, losing some feature phone users, we're always growing in where it counts, smartphone users and desktop users. Of course, a fair percentage of, you know, that is also Western users, which also showed up nicely in the Q4 states.

Speaker #3: So yeah I mean I think overall we are quite happy with the user performance in Q4. I mean actually both for the total admin use I think it's a good number because as we always mentioned in the past that we are always losing some feature phone users but then we're always growing in where it counts smartphone users and desktop users.

Speaker #3: And of course the fair percentage of that is also Western users which also showed up nicely in the Q4 states. So very happy about it.

Lin Song: Very happy about it. I think essentially, I think it's an illustration of our focus, of our dedication, both for a very attractive desktop offerings, but also maybe also to mention that we also see very nice growth on, say, mobile browsers, especially iOS browsers, after the Digital Markets Act. We also saw a lot of attractions, of course, a result of AI, that, as a result of AI, everybody actually see that it's actually possible to have a very good, you know, AI part of the browser experience also in iOS. That's why we also a lot of interest with Opera iOS, for instance.

Song Lin: Very happy about it. I think essentially, I think it's an illustration of our focus, of our dedication, both for a very attractive desktop offerings, but also maybe also to mention that we also see very nice growth on, say, mobile browsers, especially iOS browsers, after the Digital Markets Act. We also saw a lot of attractions, of course, a result of AI, that, as a result of AI, everybody actually see that it's actually possible to have a very good, you know, AI part of the browser experience also in iOS. That's why we also a lot of interest with Opera iOS, for instance.

Speaker #3: I think essentially I think it's an illustration of our focus of our dedication both for a very attractive desktop offerings but also maybe also to mention that we also see very nice growth on say mobile browsers especially iOS browsers after the European market act and then we also saw a lot of attractions of course result of AI that as a result of AI everybody actually see that is actually possible to have a very good AirPod browser experience also in iOS and then that's why we also a lot of interest with all Purple iOS for instance.

Speaker #3: So overall I think we saw very good trend and cautiously positive that the trend will continue and then hopefully will grow faster. In the new year to come.

Lin Song: Overall, I think we saw very good trends and cautiously positive that the trend will continue and then hopefully will grow faster in the new year to come. I think it's on that. Yeah, Mike, again, also maybe super quickly commenting on the ads, especially e-commerce. Yeah, in general, e-commerce is our biggest categories. It grows very nicely. That grows, if you only look at e-commerce alone, it actually grow a lot faster than 25%, apparently. It's one of the strong powerhouse, I guess, to power the whole year-over-year growth.

Song Lin: Overall, I think we saw very good trends and cautiously positive that the trend will continue and then hopefully will grow faster in the new year to come. I think it's on that. Yeah, Mike, again, also maybe super quickly commenting on the ads, especially e-commerce. Yeah, in general, e-commerce is our biggest categories. It grows very nicely. That grows, if you only look at e-commerce alone, it actually grow a lot faster than 25%, apparently. It's one of the strong powerhouse, I guess, to power the whole year-over-year growth.

Speaker #3: So I think it's on that. And then yeah like again also maybe super quickly commenting on the ads especially e-commerce. So yeah in general e-commerce is our biggest categories.

Speaker #3: If it grows very nicely that grows if you only look at e-commerce alone it actually grow a lot faster than 25% apparently. And it's one of the strong powerhouse I guess to power the whole year over year growth.

Speaker #3: It's also very easy to calculate that despite of nice growth such and also others the e-commerce of course overall grows faster and that actually enables us to have an overall yearly growth of 28%.

Lin Song: It's also very easy to calculate that despite of, you know, like a nice growth on search, and also others, the e-commerce, of course, overall grows faster, and that actually enable us to have an overall, yearly growth of 28%. Again, very positive, also maybe I'd like to mention that the whole e-commerce is a very big market. It's a very big TAM, right? Like the whole, I would say it's, you know, in the world, it's probably likely to be $100 billion, depends on which number you use. Even if just by market share of where we should be, we still have, you know, at least $5 to 10 billion actually potential to grow. We are very positive about it.

Song Lin: It's also very easy to calculate that despite of, you know, like a nice growth on search, and also others, the e-commerce, of course, overall grows faster, and that actually enable us to have an overall, yearly growth of 28%. Again, very positive, also maybe I'd like to mention that the whole e-commerce is a very big market. It's a very big TAM, right? Like the whole, I would say it's, you know, in the world, it's probably likely to be $100 billion, depends on which number you use. Even if just by market share of where we should be, we still have, you know, at least $5 to 10 billion actually potential to grow. We are very positive about it.

Speaker #3: So like again very positive but also maybe like to mention that the whole e-commerce is a very big market. It's a very big TAM right.

Speaker #3: The whole—I would say in the world, it's probably likely to be $100 billion. Depends on which number you use. And then even if just by market share of where we should be, we still have at least $5 to $10 billion, actually, potential to grow.

Speaker #3: So we are very positive about it and I think this is also indicating the opportunity that bring us that in the past most of those money probably go into let's say search engine because that's the only user intent which people cares.

Lin Song: I think this is also indicating the opportunity that bring us, that in the past, most of those money probably go into, let's say, search engine, because that's the only user intent which people cares. With the advancement of AI, people are now starting to see that there are actually many places that is possible to place user intent, and browser is naturally also one of it. That's also why we have the chance to actually gain those, I would say, user intent revenues, both in what we call acquired revenue, but also in advertisements or performance-based. We feel that this have a very good opportunity to continue to power our growth in the next months or years to come. Very excited.

Song Lin: I think this is also indicating the opportunity that bring us, that in the past, most of those money probably go into, let's say, search engine, because that's the only user intent which people cares. With the advancement of AI, people are now starting to see that there are actually many places that is possible to place user intent, and browser is naturally also one of it. That's also why we have the chance to actually gain those, I would say, user intent revenues, both in what we call acquired revenue, but also in advertisements or performance-based. We feel that this have a very good opportunity to continue to power our growth in the next months or years to come. Very excited.

Speaker #3: But with the advancement of AI, people are now starting to see that there are actually many places where it's possible to place user intent, and the browser is naturally also one of them.

Speaker #3: That's also why we have the chance to actually gain those I would say user intent revenues both seeing what we call adquire revenue but also in advertisements.

Speaker #3: Or performance base. And we feel that this have a very good opportunity to continue to power our growth in the next months or years to come.

Speaker #3: So very excited. That's great. Thank you very much.

Eric Sheridan: That's great. Thank you very much.

Speaker #4: I can chime in briefly that e-commerce, a very successful part of the business, continues growth rates in the 100% year-over-year range, including in the Q4 quarter.

Frode Jacobsen: I can chime in briefly that e-commerce, key, very successful parts of the business. It continues growth rates and a 100% year-over-year rate, including in the key Q4, and has scaled massively over the past couple of years. The Opera Ads platform, which also allows third-party publishers to take advantage of our targeting, saw an increase in the growth rate in 2025. The metric you mentioned about the biggest customers growing, I think that's a very good picture of the deepening of the relationship we have with them. As all our campaigns are performance-based, and when we do well, we get a bigger share of their marketing budgets.

Speaker #4: And the scale massively over the past couple of years. Then the upper ads platform which is which also allows third party publishers to take advantage of our targeting.

Speaker #4: So increase in the growth rate in 2025. And the metric you mentioned about the biggest customers growing I think that's a very good picture of the deepening of the relationship.

Speaker #4: We have with them. As all our campaigns are performance based and when we do well we get a bigger share of their marketing budgets.

Speaker #3: Thank you Frode.

Eric Sheridan: Thank you, Frode.

Speaker #1: Thank you. Our next question will come from Jim Callahan with Piper Sandler. Please go ahead.

Operator: Thank you. Our next question will come from James Callahan with Piper Sandler. Please go ahead.

Speaker #5: Hi. Thanks for taking the question. Just a question on Neon. It's been a few months since being rolled out. Anything you can talk to on engagement or monetization there so far?

James Callahan: Hi, thanks for taking the question. Just a question on Neon. It's been a few months since being rolled out. Anything you can talk to on, you know, engagement or monetization there so far?

Speaker #3: Yeah. So again it's only here. So I also tried to comment a bit right. So like again as also mentioned in the scripts very exciting about the launch of Neon.

Lin Song: Yeah. Again, it's Tony Hill. I'll also try to comment a bit, right? Like, again, as also mentioned in the scripts, very exciting about the launch of Neon. We just have it widely available on mid-December, so it's still quite early. I've also mentioned that I think what's been relevant is both the opening up of Neon as a potential community hub for AI, you know, power users. Also I think the technology behind it, which actually allow us to use the most advanced orchestrations in ways and forms which is not possible in the past.

Song Lin: Yeah. Again, it's Tony Hill. I'll also try to comment a bit, right? Like, again, as also mentioned in the scripts, very exciting about the launch of Neon. We just have it widely available on mid-December, so it's still quite early. I've also mentioned that I think what's been relevant is both the opening up of Neon as a potential community hub for AI, you know, power users. Also I think the technology behind it, which actually allow us to use the most advanced orchestrations in ways and forms which is not possible in the past.

Speaker #3: We just have it widely available on mid-December. So it's still quite early. But as also mentioned that I think what's been relevant is both the opening up of Neon as a potential community hub for AI power users.

Speaker #3: But also I think the technology behind it which actually allow us to use the most advanced orchestrations in ways and forms which is not possible in the past.

Speaker #3: And then all of those features have also been able to allow us to move those into OpenAI which are also launched across all the Opera products.

Lin Song: All of those features have also been able to allow us to move those into Opera AI, which are also launched across all the Opera products, which are very well received, which we believe is actually also part of the reason why we see the strong growth in Western market, because this is where this is mostly appeal to. We also think that there's a good potential to have it to further grow in 2026. In terms of monetization, as I'll also mention a bit, that it's of course, partly already revealed by the nice growth in both query revenue, but also related advertisements revenue based on it.

Song Lin: All of those features have also been able to allow us to move those into Opera AI, which are also launched across all the Opera products, which are very well received, which we believe is actually also part of the reason why we see the strong growth in Western market, because this is where this is mostly appeal to. We also think that there's a good potential to have it to further grow in 2026. In terms of monetization, as I'll also mention a bit, that it's of course, partly already revealed by the nice growth in both query revenue, but also related advertisements revenue based on it.

Speaker #3: Which are very well received. Which we believe is actually also part of the reason why we see the strong growth in Western market because this is where this is the most appeal to.

Speaker #3: But we also think that the good potential to have it to further grow in 2026. And then in terms of monetization as also mentioned a bit that it's of course partly already revealed by the nice growth in both query revenue but also related advertisements revenue based on it.

Lin Song: Even though it's not really showing up in Q4 because we only announced it in mid-December, there are potential, of course, of potential subscription revenue streams, which can help us move up further.

Speaker #3: But even though it's not really showing up in Q4 because we are not seeing in mid-December there are potential of course of potential subscription revenue streams which can help us move up further.

Song Lin: Even though it's not really showing up in Q4 because we only announced it in mid-December, there are potential, of course, of potential subscription revenue streams, which can help us move up further.

Speaker #5: Got it. That is helpful. And then just to follow up on gross margin: So you're obviously scaling the off-platform part of the business, but your incremental gross margin stepped up the past two quarters.

James Callahan: Got it. That is helpful. Follow up on gross margin. You're obviously scaling the off-platform part of the business, but your incremental gross margin stepped up the past two quarters. Can you just talk about the sustainability of that trend and, like, what steady state gross margins look like if we keep scaling off platform? Thank you.

Speaker #5: Can you just talk about the sustainability of that trend and what steady state gross margins look like if we keep scaling? Off platform? Thank you.

Speaker #4: I think the nice thing as we look into 2026 is it's a good growth potential across the business. We are still guiding to Opera ads platform growing slightly faster than the totality.

Frode Jacobsen: I think the nice thing as we look into 2026 is it's a good growth potential across the business. We are still guiding to Opera Ads platform growing slightly faster than the totality and building in a bit of a couple extra points on cost of revenue. At the same time, given the P&L profile of running a platform, it's generating very healthy EBITDA contribution, which allows us to slightly tick up the EBITDA margin expectation for 2026.

Speaker #4: And building in a bit of a couple extra points on cost of revenue. But at the same time given the P&L profile of running a platform it's generating very healthy data contribution which allows us to slightly tick up the EBITDA margin expectation for 2026.

Speaker #5: Great. Thank you.

James Callahan: Great. Thank you.

Speaker #1: Thank you. Our next question comes from Eric Sheridan with Goldman Sachs. Please go ahead.

Operator: Thank you. Our next question comes from Eric Sheridan with Goldman Sachs. Please go ahead.

Speaker #3: Thanks so much for taking the questions. Maybe the first one just following up on Jim's question about Neon. I want to understand how you view the landscape to potentially grow wider adoption.

Eric Sheridan: Thanks so much for taking the questions. I mean, maybe the first one, just following up on Jim's question about Neon. I want to understand how you view the landscape to potentially grow wider adoption, and what might be some of the key investments you need to make from either a branding perspective or a download perspective to sort of get more usage around Neon broadly as you look out over the next 6 to 12 months? That would be the first one. You know, in the slide deck or the investor presentation, you talked a little bit about the payments opportunity that sits in front of you. What do you see as some of the strategic investments that have to be made to capitalize on that payment opportunity?

Speaker #3: And what might be some of the key investments you need to make from either a branding perspective or a download perspective to sort of get more usage around Neon broadly as you look out over the next sort of 6 to 12 months.

Speaker #3: That would be the first one. And then in the slide deck or the investor presentation you talked a little bit about the payments opportunity that sits in front of you.

Speaker #3: What do you see as some of the strategic investments that have to be made to capitalize on that payment opportunity? And how does it fit more broadly into your strategic imperatives?

Eric Sheridan: How does it fit more broadly into your strategic imperatives? Thanks so much.

Speaker #3: Thanks so much.

Lin Song: Yeah, yeah, it's Tony here. I think I'll just try to make step and then further Ken also comment a bit on Pulp, right? Again, very good question on Neon. To us, I think it's actually a very interesting consideration. I guess to us, in the end of the day, we are very unique in a position that, you know, because many other AI companies, they either have to rely on purely subscription, they don't really have a choice. I think we are almost in a bit luxury situation that we are rather profitable on our free product, right, followed by advertisement and a few others.

Speaker #5: Yeah. Yeah. It's only here. So I think I'll just try to make a stat. I know for the can also comment a bit on Paul.

Song Lin: Yeah, yeah, it's Tony here. I think I'll just try to make step and then further Ken also comment a bit on Pulp, right? Again, very good question on Neon. To us, I think it's actually a very interesting consideration. I guess to us, in the end of the day, we are very unique in a position that, you know, because many other AI companies, they either have to rely on purely subscription, they don't really have a choice. I think we are almost in a bit luxury situation that we are rather profitable on our free product, right, followed by advertisement and a few others.

Speaker #5: So again very good question on Neon. So to us I think it's about yeah. It's actually a very interesting consideration. So I guess to us in the end of the day we are very unique in a position that because many other AI companies they either have to rely on purely subscription.

Speaker #5: They don't really have a choice. And I think we are almost in a bit luxury situation that we are rather profitable on our free product, right?

Speaker #5: The powered by advertisement and a few others. So for us I think it's almost a bit consideration and also balancing act that what features do we want to prioritize on getting to Neon.

Lin Song: For us, I think it's almost a big consideration and also balancing act that, you know, what features do we want to prioritize on getting to Opera Neon, which is a paid product, subscription-based, or do I think it does make more sense to have it in, you know, to make it generally available to everybody, right? That in the end, of course, will also be able to allow our grow users faster and also help generating a very healthy advertisement revenues, which is, I guess, a bit challenging for some of the new AI startups.

Song Lin: For us, I think it's almost a big consideration and also balancing act that, you know, what features do we want to prioritize on getting to Opera Neon, which is a paid product, subscription-based, or do I think it does make more sense to have it in, you know, to make it generally available to everybody, right? That in the end, of course, will also be able to allow our grow users faster and also help generating a very healthy advertisement revenues, which is, I guess, a bit challenging for some of the new AI startups.

Speaker #5: Which is a paid product. Subscription base. Or do we think it's actually make more sense to have it in to make it a general available to everybody, right?

Speaker #5: Because that in the end of course will also be able to allow our grow users faster and also help generating a very healthy advertisement revenues which is I guess a bit challenging for some of the newer AI startups.

Speaker #5: So, I would almost say that's almost a bit of a luxury situation. And that's also essentially why, for instance, at least in Q4, we have prioritized also making sure that many of the functionalities moved into Opera AI, because we can afford it.

Lin Song: I would almost say that's almost a bit luxury situation, and that's also essentially why, you know, for instance, at least in Q4, we have prioritized on also making sure that many of the functionalities moved into Opera AI, because we can afford it, and it's also making more sense in that context. While I think our focus is more for those which are really for powerful users, you know, for instance, you know, in the near will allow very powerful orchestration of different AI models. You can choose Groq, you can choose OpenAI, you can choose, you know, many other models or even many open source ones.

Song Lin: I would almost say that's almost a bit luxury situation, and that's also essentially why, you know, for instance, at least in Q4, we have prioritized on also making sure that many of the functionalities moved into Opera AI, because we can afford it, and it's also making more sense in that context. While I think our focus is more for those which are really for powerful users, you know, for instance, you know, in the near will allow very powerful orchestration of different AI models. You can choose Groq, you can choose OpenAI, you can choose, you know, many other models or even many open source ones.

Speaker #5: And it's also making more sense in that context. While I think our focus is more for those which are really for powerful users for instance in the Neon we allow very powerful orchestration of different AI models.

Speaker #5: You can choose Grok. You can choose OpenAI. You can choose many other models or even many open source ones. And then also we allow rather comprehensive task management to group all the tabs into different more like to group multiple tabs into a task.

Lin Song: Then also we allow rather comprehensive task management to group all the tabs into different, more like to group multiple tabs into a task to be able to generate the context. Also we are actually also have very powerful Neon Make tools which are able to make many interesting, you know, utilities, mini apps, or potentially even presentations. Naturally, those will always appeal to a very, I would say, a niche group of users to start with, among others, right? We have a lot of thoughts, we have a lot of ideas, and we have many functionalities. Some of them will go into Opera AI, which is more suitable perhaps for wider audience.

Song Lin: Then also we allow rather comprehensive task management to group all the tabs into different, more like to group multiple tabs into a task to be able to generate the context. Also we are actually also have very powerful Neon Make tools which are able to make many interesting, you know, utilities, mini apps, or potentially even presentations. Naturally, those will always appeal to a very, I would say, a niche group of users to start with, among others, right? We have a lot of thoughts, we have a lot of ideas, and we have many functionalities. Some of them will go into Opera AI, which is more suitable perhaps for wider audience.

Speaker #5: To be able to generate the context. And also we are actually also have very powerful Neon Make tools which are able to make many interesting utilities, mini apps or potentially even presentations but naturally those will always take to a very I would say a niche group of users to start with.

Speaker #5: Among others, right? So we have lots of sorts. We have lots of ideas. We have many functionalities. Some of them will go into Opera AI, which is more suitable, perhaps, for a wider audience.

Speaker #5: But then some of it I would almost say at this point we have some very exciting tools for utility or let's say efficiency tools which we are aiming at Neon.

Lin Song: Some of it, I would almost say at this point, we have some very exciting tools for utility or let's say, efficiency tools, which we are aiming at Neon. I think those will be very interesting for, you know, for potential Neon users in the future, and those will be our targets subscription base. While there's also many other browser related, you know, utilities and functionalities that will focus more in Opera AI, which will more be freely available to general market. It's a very big topic, very exciting times, and I think we only appreciate that we at least have many different choices to make, which is a very nice position to be in.

Song Lin: Some of it, I would almost say at this point, we have some very exciting tools for utility or let's say, efficiency tools, which we are aiming at Neon. I think those will be very interesting for, you know, for potential Neon users in the future, and those will be our targets subscription base. While there's also many other browser related, you know, utilities and functionalities that will focus more in Opera AI, which will more be freely available to general market. It's a very big topic, very exciting times, and I think we only appreciate that we at least have many different choices to make, which is a very nice position to be in.

Speaker #5: And I think those will be very interesting for potential Neon users in the future. And those will be our target subscription base. While there's also many other browser related utilities and functionalities that will focus more in Opera AI which will more be freely available to general market.

Speaker #5: So, it's a very big topic—very exciting times. And I think we only appreciate that we at least have many different choices to make.

Speaker #5: Which is very nice position to be in. And then super quickly on payments. So you might also recall that we actually have an investment of some other order investments based on fiat currency which is proven to be a very good success.

Lin Song: Super quickly on payments. You might also recall that we actually have an investment of some other order investments based on fiat currency, which is proven to be a very good success in the past. I would almost say we have some experience of how to have very interesting payment infrastructure buildups on emerging market, which we see opportunities.

Song Lin: Super quickly on payments. You might also recall that we actually have an investment of some other order investments based on fiat currency, which is proven to be a very good success in the past. I would almost say we have some experience of how to have very interesting payment infrastructure buildups on emerging market, which we see opportunities.

Speaker #5: In the past. So I would almost say we have some experience of how to have very interesting payment infrastructure buildups on emerging market which we see opportunities.

Speaker #5: So I think Minipay hereby is also a very good case that we believe by focusing on technology in this case Web3 and stablecoin and focus on infrastructure again in this case decentralized approach.

Lin Song: So I think MiniPay hereby is also a very good case that we believe by focusing on technology, in this case, Web3 and Stablecoin, and because on infrastructure, again, in this case, decentralized approach, that non-custodial approach and decentralized, that we are able to build up a technical infrastructure while utilizing our, I would say, orchestration, both for partners across different countries and also end consumers, which as a consumer company, we are very good at, to be able to link all those three different paths to have a very compelling value proposition and storage.

Song Lin: So I think MiniPay hereby is also a very good case that we believe by focusing on technology, in this case, Web3 and Stablecoin, and because on infrastructure, again, in this case, decentralized approach, that non-custodial approach and decentralized, that we are able to build up a technical infrastructure while utilizing our, I would say, orchestration, both for partners across different countries and also end consumers, which as a consumer company, we are very good at, to be able to link all those three different paths to have a very compelling value proposition and storage.

Speaker #5: That non-custodial approach and decentralized, that we are able to build up a technical infrastructure while utilizing our, I would say, orchestration both for partners across different countries.

Speaker #5: And also end consumers which as a consumer company we are very good at. To be able to link all those three different parts to have a very compelling value proposition and stories.

Speaker #5: So for now I would say it has we have some audit proof in Africa. But this year the focus is actually to move it to be a more platform play around the world.

Lin Song: For now, I would say that we have some early proof in Africa, but this year the focus is actually to move it to be a more platform play around the world, and also be able to link in those developed countries to developing countries as well. I think those will be the area which we work. We're actually working closely with partners. For instance, we announced a cooperation with Tether earlier this year, which I think we particularly point out that that will also be with focus not only in Africa, but also allow us to reach other parts of the world.

Song Lin: For now, I would say that we have some early proof in Africa, but this year the focus is actually to move it to be a more platform play around the world, and also be able to link in those developed countries to developing countries as well. I think those will be the area which we work. We're actually working closely with partners. For instance, we announced a cooperation with Tether earlier this year, which I think we particularly point out that that will also be with focus not only in Africa, but also allow us to reach other parts of the world.

Speaker #5: And also be able to link in those developed countries to developing countries as well. So I think those will be the area which we work.

Speaker #5: But again we actually working with closely with partners for instance with non-star corporation with Tether earlier this year. Which I think we in particularly called out that that will also be with focus not only in Africa but also allow us to reach other parts of the world.

Speaker #5: And hopefully we also have some other interesting announcements to come shortly. Which continue to allow us to do more globally as a platform and technical infrastructure.

Lin Song: Hopefully, we also have some other interesting announcements to come shortly, which continue to allow us to do more globally as a platform and technical infrastructure. Very, very exciting times.

Song Lin: Hopefully, we also have some other interesting announcements to come shortly, which continue to allow us to do more globally as a platform and technical infrastructure. Very, very exciting times.

Speaker #5: So very exciting times.

Speaker #3: Great. Thank you.

David Brown: Great. Thank you.

Speaker #1: Thank you. Our next question will come from Navid Khan with B Riley Securities.

Operator: Thank you. Our next question will come from Naved Khan with B. Riley Securities.

Speaker #4: Great. Thank you very much. Two questions for me. One on the Opera GX. User growth. What reasons are you seeing this growth come from?

Naved Khan: Great. Thank you very much. Two questions for me. One on the Opera GX user growth. What regions are you seeing this growth come from? Also, I recall you launched Japan and Korea sometime early last year. How are those markets performing in terms of contributing to the user growth? That's question one. Secondly, can you just talk about maybe Opay and maybe potential IPO timing if there is gonna be one this year? What are the expectations there or your thoughts there? Thank you.

Speaker #4: And then also I recall you announced Japan and Korea sometime early last year. How are those markets performing in terms of contributing to the user growth?

Speaker #4: So that's question one. And then secondarily can you just talk about maybe Opay and maybe potential IPO timing if there is going to be one this year?

Speaker #4: What are the expectations there or your thoughts there? Thank you.

Speaker #3: Yeah. So again I think I'll try to talk about a bit on Opera GX and then further I can also talk a bit more on some other investments we have.

Lin Song: Yeah. Again, I think I'll try to talk about a bit on Opera GX, and then further I can also talk a bit more on some other investments we have. Yeah, high level, I think Opera GX. Overall, I would almost say that at this stage, what we have been already been proven is that, you know, gaming users itself are quite high up valuable users across the regions, right? I think the nature of the fact that they are gaming users, typically on PC, actually, and this is very nicely reflected in the different revenue and ARPU profiles as fairly high ARPU users, regardless of the regions they are.

Song Lin: Yeah. Again, I think I'll try to talk about a bit on Opera GX, and then further I can also talk a bit more on some other investments we have. Yeah, high level, I think Opera GX. Overall, I would almost say that at this stage, what we have been already been proven is that, you know, gaming users itself are quite high up valuable users across the regions, right? I think the nature of the fact that they are gaming users, typically on PC, actually, and this is very nicely reflected in the different revenue and ARPU profiles as fairly high ARPU users, regardless of the regions they are.

Speaker #3: So yeah. So high level I think Opera GX. So overall I would almost say that at this stage what we have been already been proven is that gaming users itself are quite high up valuable users.

Speaker #3: Across the regions, right? So I think the nature of the fact that they are gaming users typically on PC actually at least it's very nicely reflected in the different revenue and upper profiles as fairly high up users regardless of the region they are.

Speaker #3: So yeah. Consequentially for us it's priority is actually to making sure that we solve all those users. Both seeing one of the biggest market for instance US is still the biggest market but also in other markets like Latin and a few other places which we also see some very good interest on.

Lin Song: Yeah, consequentially, for us, its priority is actually to making sure that we solve all those users, you know, both in one of the biggest market points. As US is still the biggest market, but also in other markets like Latin and a few other places, which we also see some very good interest on. Maybe also super comment, quick comment is that, yes, indeed, that we have also actually seen quite interesting developments in, I would say, East Asian market, which we previously have not spending time on. Like, for instance, League of Legends World Championship last year is actually in China, but also is very influential in Korea and Japan.

Song Lin: Yeah, consequentially, for us, its priority is actually to making sure that we solve all those users, you know, both in one of the biggest market points. As US is still the biggest market, but also in other markets like Latin and a few other places, which we also see some very good interest on. Maybe also super comment, quick comment is that, yes, indeed, that we have also actually seen quite interesting developments in, I would say, East Asian market, which we previously have not spending time on. Like, for instance, League of Legends World Championship last year is actually in China, but also is very influential in Korea and Japan.

Speaker #3: And then maybe also super common quick comment is that yes indeed that we have also actually see quite interesting developments in I would say East Asian market which we previously have not spending time on.

Speaker #3: Like for instance League of Legends World Champions League last year is actually in China. But also is also very influential in Korea and Japan.

Speaker #3: So the fact that our close relationships with Riot allow us actually to be able to do more in those markets. So we have actually some very exciting happenings and also continuations in those markets in 2026 to

Lin Song: The fact that our close relationships with Riot allow us actually to able to do more in those markets. We have actually some very exciting happenings and also continuations in those markets in 2026 to come.

Song Lin: The fact that our close relationships with Riot allow us actually to able to do more in those markets. We have actually some very exciting happenings and also continuations in those markets in 2026 to come.

Speaker #2: And I can comment on the Opay questions. I think very excited about the performance of our MSD Opay. In terms of an IPO we see that they have hired very experienced public executives with the new CFO and CEO that the company recently announced.

Frode Jacobsen: I can comment on the OPay questions. I think, very excited about the performance of our MSC OPay. In terms of an IPO, we, you know, we see that they've hired very experienced public executives with the new CFO and the CEO that the company recently announced. I think, all signs point to the company, natural next step for the company being a public company, but nothing yet being confirmed on timing and specific expectations around it.

Speaker #2: And I think all signs point to the natural next step for the company being a public company, but nothing yet has been confirmed on timing and specific expectations around it.

Speaker #4: Thank you.

Jonnathan Navarrete: Thank you.

Jonathan Navarrete: Thank you.

Speaker #1: Thank you. As a reminder that is Star One to ask a question. And our next question will come from Jonathan Navarette with TD Cowen.

Operator: Thank you. As a reminder, that is star one to ask a question. Our next question will come from Jonnathan Navarrete with TD Cowen. Please go ahead.

Speaker #1: Please go ahead.

Speaker #4: Thank Minipay. The first one is could you walk us through the monetization path for Minipay? And lastly are there any read-throughs in terms of Stripe's potential acquisition of PayPal as it relates to Minipay or are they just very two different platform assets?

Jonnathan Navarrete: Thank you. My questions are really on MiniPay. The first one is, could you walk us through the monetization path for MiniPay? Lastly, are there any read-throughs in terms of Stripe's potential acquisition of PayPal as it relates to MiniPay, or are they just very two different platform assets? Thank you.

Jonathan Navarrete: Thank you. My questions are really on MiniPay. The first one is, could you walk us through the monetization path for MiniPay? Lastly, are there any read-throughs in terms of Stripe's potential acquisition of PayPal as it relates to MiniPay, or are they just very two different platform assets? Thank you.

Speaker #4: Thank you.

Speaker #2: I can comment on the monetization first. So our priority with Minipay is to build a scale and build a user base and create the product that has such low barriers to entry that stablecoins become a sort of a viable accessible tool for people with a starting focus on emerging markets.

Frode Jacobsen: I can comment on the monetization first. Our priority with MiniPay is to build a scale and build a user base and create a product that has such low barriers to entry, that Stablecoins become a sort of a viable, accessible tool for people with a starting focus on emerging markets. As we've talked about, we're expanding sort of the functionality of it to include more payment opportunities, both domestically and internationally. The way we monetize it for now is broadly speaking, from the partner ecosystem, integrating partners into the product and promoting that, and sort of growing together with partners.

Speaker #2: And then as we've talked about so we're expanding sort of the functionality of it to include more payment opportunities both domestically and internationally. And the way we monetize it for now is broadly speaking from the partner ecosystem.

Speaker #2: Integrating partners into the product and promoting that and sort of growing together with partners.

Speaker #1: All right. Thank you. Our next question will come from Mark Argento with Lake Street. Please go ahead.

Operator: All right, thank you. Our next question will come from Mark Argento with Lake Street. Please go ahead.

Speaker #5: Hey guys. Congrats on the strong finish to the year. Just one quick one from me. Could you just remind us non-search query revenue? And that was up almost 200%.

Jonnathan Navarrete: Hey, guys, congrats on the strong finish to the year. Just one quick one from me: Could you just remind us, non-search query revenue, and that was up almost 200%, small dollars, but what is that exactly, and how can you leverage that going forward? Thanks.

Jonathan Navarrete: Hey, guys, congrats on the strong finish to the year. Just one quick one from me: Could you just remind us, non-search query revenue, and that was up almost 200%, small dollars, but what is that exactly, and how can you leverage that going forward? Thanks.

Speaker #5: Small dollars. But what is that exactly, and how can you leverage that going forward? Thanks.

Frode Jacobsen: Yes, sure. I'll do that. It's a very new revenue stream, but it's becoming material. It's exceeded $5 million in the quarter, up from $3 in Q3 and growing very quickly. What it consists of is essentially when a user has an intent, and we can address that intent by sending a search query to a search partner, but we can also provide direct references to partners, either in as a part of the URL experience, or in an AI chat with Opera AI, for example, and promote partners directly that way, tailored to what the user is looking for.

Speaker #2: Yes, sure, I'll do that. It's starting to—it's a very new revenue stream, but it's becoming material. It's exceeded $5 million in the quarter, up from $3 million in Q3.

Speaker #2: And growing very quickly. What it consists of is essentially when a user has an intent and we can address that intent by sending a search query to a search partner but we can also provide direct references to partners.

Speaker #2: Either as a part of the URL experience or in an AI chat with Opera AI for example. And promote partners directly that way. Tailored to what the user is looking for.

Frode Jacobsen: The reason we're excited about the revenue stream is that sort of as these types of potential dialogues expand so quickly, people use it more. We see a big step up in our users taking advantage of Opera AI in the browsers. Being a native part of the browser and existing one level above websites, it has many advantages, including monetization potential, which we will then capture in query revenue.

Speaker #2: And the reason we're excited about the revenue stream is the sort of S these types of potential dialogues expand so quickly. People use it more.

Speaker #2: We see a big step up in our users taking advantage of Opera AI in the browsers. Being a native part of the browser and existing one level above websites has many advantages.

Speaker #2: Including monetization potential which we will then capture in query revenue.

Speaker #5: Thanks for that.

Jonnathan Navarrete: Thanks for that.

Jonathan Navarrete: Thanks for that.

Speaker #1: Thank you. And at this time there are no further questions in the queue. So I'd like to turn the call back over to Song for any additional or closing remarks.

Operator: Thank you. At this time, there are no further questions in the queue. I'd like to turn the call back over to Song for any additional or closing remarks.

Lin Song: Sure. Again, thank you to everyone for joining us today. 2025 was an amazing year. We were able to ship new browsers and bring exciting features to our existing suite of browsers and, at the same time, deliver impressive financial results that exceeded our rising expectations throughout the year. While we, of course, still have a lot of work ahead of us, I'm confident we can make 2026 even more successful. Have a good day, everyone.

Song Lin: Sure. Again, thank you to everyone for joining us today. 2025 was an amazing year. We were able to ship new browsers and bring exciting features to our existing suite of browsers and, at the same time, deliver impressive financial results that exceeded our rising expectations throughout the year. While we, of course, still have a lot of work ahead of us, I'm confident we can make 2026 even more successful. Have a good day, everyone.

Speaker #4: Sure. So yeah. Like again thank you to everyone for joining us today. 2025 was an amazing year. We were able to ship new browsers and bring exciting features to our existing suite of browsers.

Speaker #4: And at the same time deliver impressive financial results that exceeded our rising expectations throughout the year. So while we of course still have a lot of work ahead of us I'm confident we can make 2026 even more successful.

Speaker #4: Have a good day everyone.

Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Q4 2025 Opera Ltd Earnings Call

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