Opera Limited

Opera reported Q2 revenue of $178.1 million, up 25% year over year. Advertising revenue grew 27% to $115 million and query revenue grew 21% to $62 million. Adjusted EBITDA was $42.4 million, up 32% year over year, with a 24% margin. Adjusted net income was $30 million, up 27%, and adjusted diluted EPS was $0.33, up 25%. Operating cash flow was $22 million and free cash flow from operations was $17 million. For the full year, Opera now guides to revenue of $734 million to $742 million and adjusted EBITDA of $172 million to $175 million; for Q3, it guides to revenue of $181 million to $183 million and adjusted EBITDA of $41 million to $43 million.

Song Lin framed Opera as an independent browser platform positioned to benefit from AI-driven changes in search and web usage, saying the company is already monetizing AI-driven query activity rather than waiting for a future payoff. He emphasized that AI integrations, open interoperability, and product innovation are increasing engagement and monetization, while the company expands partnerships across commerce, travel, and AI services. His tone was confident and upbeat, but he repeatedly noted that many initiatives, especially MiniPay and AI-supported commerce, are still early.

Frode Jacobsen highlighted that Q2 revenue of $178.1 million and adjusted EBITDA of $42.4 million both exceeded guidance, and he pointed to continued organic growth with healthy profitability. He said cost of revenue items were 38% of revenue, marketing spend was $36.2 million, cash-based compensation was $23.1 million, operating cash flow was $22 million, and free cash flow from operations was $17 million. On capital allocation, he said Opera returned $577 million to shareholders since 2020 including the July dividend, bought back 636,000 shares in Q2 for $11.1 million, and paid a $0.40 per share semiannual dividend. He also raised full-year guidance and said the company expects adjusted EBITDA margin to improve by 25 to 40 basis points versus 2025.

Analysts focused on the expanded audience reach above 700 million, the 100 merchants and 100 million products in the commerce platform, mobile MAU strength in the U.S. and Europe, and the timing of an OPay IPO. Management said the broader reach came from new partnerships, especially AI-related ones, and that the commerce platform is designed to power AI-supported, context-aware shopping and monetization. On mobile growth, Song Lin pointed to regulatory opening in Europe, rising awareness of browser alternatives on iOS, and the positive feedback loop from AI usage. Frode said OPay is expected to go public eventually but would not comment on timing.