Opera Ltd. (OPRA) Q2'26 Earnings Review Query Based Monetization Drives Q2 Performance as Broader AI Strategy Takes Hold

Equity Research 19 August 2026 | 5:17PM EDT

Opera Ltd. (OPRA) Q2’26 Earnings Review: Query-Based Monetization Drives Q2 Performance as Broader AI Strategy Takes Hold

OPRA 12m Price Target: $24.00 Price: $18.12 Upside: 32.5% BUY Eric Sheridan In its Q2 ‘26 earnings report, Opera Limited (OPRA) mgmt framed a | Goldman Sachs & Co. LLC few key themes: 1) solid Q2 revenue growth driven primarily by Alex Vegliante, CFA query revenues continuing to scale as well as key pockets of | Goldman Sachs & Co. LLC advertising (early monetization of high-intent audiences across commerce and travel); 2) continued momentum around AI-driven Emma Huang | Goldman Sachs & Co. LLC product innovation with early positive adoption from recent initiatives (Browser Connector, Opera Browser CLI, etc.) as the company positions itself to be an open & interoperable platform Key Data _____________________________________ Market cap: $1.7bn with respect to AI; 3) the company continues to benefit from a mix Enterprise value: $1.5bn 3m ADTV: $6.7mn shift toward higher-value Western Market users, which continued to United States gain momentum (Mobile MAUs in Western Markets +8% YoY on Americas Internet M&A Rank: 3 tough comps); 4) management continues to express optimism GS Forecast __________________________________ around long-term monetization opportunities around MiniPay given 12/25 12/26E 12/27E 12/28E

strong growth/adoption trends (18m global activated wallets, +3m Revenue ($ mn) New Revenue ($ mn) Old QoQ); & 5) solid operating leverage (sustained ~25-30% incremental EBITDA ($ mn) EBIT ($ mn) margins) and FCF generation with management reiterating a EPS ($) New balanced capital allocation strategy centered around returning EPS ($) Old P/E (X) excess capital to shareholders (via both buybacks & dividends). Dividend yield (%) 4.7 4.4 4.4 4.4 Net debt/EBITDA (X) (1.1) (0.9) (0.9) (1.0) Over the short-term, we expect that investor focus will likely remain 6/26 9/26E 12/26E 3/27E anchored around the overall advertising environment and trajectory EPS ($) for revenue growth into 2H26 and beyond. Over a long-term GS Factor Profile ______________________________ horizon, we still frame OPRA as positively levered to both an Growth

evolving competitive environment and a number of long-term Financial Returns secular tailwinds within digital advertising as drivers of sustained Multiple double-digit % growth over the next several years. We reiterate our Buy rating and adjust our PT from $25.00 to $24.00 as we adjust our Integrated

forward operating estimates for this earnings report and mgmt’s Percentile 20th 40th 60th 80th 100th forward commentary. OPRA relative to Americas Coverage

Q2’26 Positives & Negatives: OPRA relative to Americas Internet

Source: Company data, Goldman Sachs Research estimates. Positives: a) Q2 total revenues and Adj. EBITDA came in above See disclosures for details. GSe/Street estimates with mgmt raising FY26 guidance, supported

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Opera Ltd. (OPRA)

Opera Ltd. (OPRA) Balance Sheet ($ mn) _______________________________________ BUY Rating since Dec 12, 2023 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets P/E (X) Net PP&E EV/EBITDA (X) 9.6 8.4 7.0 5.8 Net intangibles EV/sales (X) 2.2 2.0 1.7 1.4 Total investments 1.6 7.8 7.8 7.8 FCF yield (%) Other long-term assets EV/DACF (X) Total assets 1,143.3 1,180.4 1,230.4 1,306.4 CROCI (%) ROE (%) Accounts payable Net debt/EBITDA (X) (1.1) (0.9) (0.9) (1.0) Short-term debt -- -- -- -- Net debt/equity (%) (…