Opera Limited American Depositary Shares Citi’s 2026 Global TMT Conference

Welcome to the conference. Thanks for having me.

Yeah. Okay. Yeah. To introduce Opera, we are the biggest independent browser, so the non-standard browser that people have to choose to install on their computer or on their phone.

Yep. What we do is we Check.

Great. Yeah. Great. We are the biggest independent browser.

Yep. To get people to choose Opera and install it, we have to make it different and better than whatever standard browser would be.

So more feature-rich, more functionality in the browser, more customizations, et cetera. Then by doing that, we attract the most engaged, let's say, people, the people that even consider that, "Oh, I could change my browser." That is also the population that has the highest monetization potential, spend the most money online, that we can drive the most transactions. The way we generate revenue is to essentially send traffic to partners. It is either the user is looking for something, so we call that query revenue. We send it to search partners or directly to an e-commerce player that sells the product that they are looking for.

Or it's more kind of lean back that we can show native ads in our product, so the advertising category. That one also includes targeting people outside our own product. So we buy inventory and show ads on websites or in apps, for example. So that's how we drive revenue. We've been growing it over 20% for the past decade per year, and we do it while keeping good, solid profitability, so we pay both dividend and buybacks. In terms of the era that we are in now, with all of these new AI tools coming in and these huge productivity boosts for everyone, that is a new level of dynamic ecosystem around us. The most interesting situation we've been in for a very long time. Because these tools, they kind of started out just like search, like a website or a dedicated app.

But they have the AI and LLM, so the additional potential that if you lift them above the website level and into the native browser itself, then they can act at the user level across whatever the user is doing. People have over time been spending more and more time in their browsers just because more and more tools are becoming web based, like ERP systems, presentations, spreadsheets, calendars, email, and all of that. You are logged into all the services that you maybe subscribe to, et cetera. Then if you lift the AI tools up to that level, you can have both a very informed companion and research assistant, but also you have the opportunity to have that agentic support- Yeah which is a completely new thing.