Opera (2V8) Q2 2026 Earnings Report

The call communicated strong operating and financial momentum — double-digit topline growth (25% YoY in Q2), record adjusted EBITDA (+32% YoY), robust ad and query revenue expansion, product-led user engagement gains (ARPU +25%, MAU scale), raised full-year guidance, and continued shareholder returns. Key growth initiatives (AI integrations, Browser Connector, Opera Ads, MiniPay) and an expanded addressable audience (>700M) underpin the positive outlook. Headwinds and cautions include early-stage monetization for MiniPay, small absolute size of some high-growth revenue streams, expected modest rise in cost of revenue as third-party inventory scales, seasonality, shifts away from low-ARPU users, and some market skepticism about durability. On balance, the positives — recurring revenue acceleration, margin expansion, raised guidance, and platform-level product traction — materially outweigh the listed lowlights.

Opera raised its full‑year guidance to $734–742M in revenue (about 20% growth at the midpoint) and $172–175M in adjusted EBITDA (≈24% margin on the midpoint), and guided Q3 revenue of $181–183M (19–20% y/y) with Q3 adjusted EBITDA of $41–43M (≈23% margin at the midpoint); management also expects a full‑year pre‑adjusted‑EBITDA OpEx base of ~$565M at the midpoint (with ~$140M in Q3), cost of revenue of roughly 39% of revenue, marketing ≈20% of revenue (Q2 marketing was $36.2M), cash‑based compensation to modestly decline and represent ~12% of revenue, other OpEx ~5% of revenue, and the combination of marketing plus cash compensation to fall from 36% of revenue in 2025 to ~32% this year, supporting a 25–40 bp increase in adjusted EBITDA margin versus 2025.