Opera Limited American Depositary Shares Goldman Sachs Communacopia + Technology Conference 2026

Okay. Well, I think in the interest of time, maybe we should kick it off. I know everyone's still making their way across rooms, but it's great to welcome the team from Opera. Frode, thanks so much for being part of the conference.

Thanks for having us. Let's just kick start by taking a step back.

For those who don't know the company as well, maybe you can walk through a little bit of the Opera story and bring us up to date on what some of the key initiatives and priorities are for the company.

Sure. Opera is the biggest independent browser that people can choose. The way we get users to use our browser, as opposed to whatever standard browser would come with a phone or a computer, is to make a product that's tailored to the most demanding users. So it's more feature-rich, it has more functionality. AI opportunities is a big part of that, but that's something we've done for 30 years. And by attracting those users, they are also the users with the highest ARPU potential.

We generate revenue by driving traffic to partners. Either it is query, that the user is looking for something and we can send it to search or another partner that has what they are looking for, or it is advertising revenue.

Yeah. Where we show ads natively in the browser, or we buy third-party inventory and use our data advantage to show ads there.

Over the past 10 years, when Song and I have been CEO and CFO, we are proud that our CAGR is 21%. We had a long run from just over $100 million revenue to a bit over $700 million this year, and then our priority is just continued growth. What we see is that the bigger we get, the more partnership opportunities open up because the traffic we can drive is more and more meaningful.

Yep. The next big milestone is to hit the $1 billion of revenue, which is not necessarily so far out.

We are approaching it and because of the fact that, as we scale, we grow faster and then the path from there to more of those billions is almost easier than going from $100 million to $700 million.

Yeah. Okay. Well, maybe let us pause there. You have been at the forefront of a lot of AI getting put in front of consumers, especially around the browser experience. What have you learned so far about the way in which consumers want to interact with AI, specifically around the browser?

I think it's maybe the most exciting time for a company like Opera because of this, maybe revolution is too big word, but it's such a productivity lifter, right? And it's such useful tools. It's happening in the context that the browser was already getting more and more time spent. People spend more time because you have tools that become essentially web-based, whether it's your presentations and spreadsheets or calendar or email or instant messaging. Then I think AI, it started out a bit like search, like a web page or a dedicated app on your phone. That's great, and we all probably use it for stuff. But the big opportunity, and what is still happening now, is the integration of AI at the browser level. Because then you lift it from existing on a website to existing at the same level as the user.

So where you're logged into your stuff, you can have the AI both be context-aware, and you also then have the agentic opportunity, which is still, I would say, very early days and more enthusiast-driven than mainstream. But probably a year from now when we talk again, that has gotten increasingly able to do complex things on behalf of the user, even though it can already save you a bunch of time in terms of populating your calendar and summarizing messaging and stuff like that. So I think our strategy in that context is to be the best orchestration layer for whatever AI tool the user wants to use.

Okay. We were very early in 2023.

We built our own, an AI assistant into the product, and we allowed offline, like local LLM and so on. Not as a competitor to the platforms because we don't compete in that space, but we see them more as just potential partners and services that we should make our browser the best place for the user to experience that. So we do that through plug-ins or- Yeah backend integration so that we allow the browser to be controlled by whatever AI tool that the user prefers.