Opera (OPRA) Citi’s 2026 Global TMT Conference summary

Product innovation and AI integration

• Focus on differentiating through feature-rich, customizable browsers to attract engaged users with high monetization potential.

• Multiple browser offerings target specific segments: Opera One (flagship), Opera GX (gamers), Opera Neon (AI enthusiasts), with Neon serving as a testbed for agentic AI features.

• Opera Neon, a subscription browser, enables native agentic AI capabilities, automating tasks like calendar management and communications; learnings from Neon are integrated into free browsers.

• Integration with leading AI platforms (Google Gemini, ChatGPT, Claude) and support for local models allows users to choose their preferred AI tools within the browser.

• Strategy emphasizes being an open orchestration layer for AI services, independent of any single ecosystem.

User growth and market focus

• Strategic focus on growing high-ARPU user segments, particularly in Western markets, through tailored products and targeted marketing.

• Marketing spend is concentrated on high-value regions, with Western users offering significantly higher monetization potential.

• Recent regulatory changes on iOS have enabled Opera to expand its mobile user base, with iOS now representing about 10% of smartphone users, up from near zero in 2023.

• Growth in Android and iOS MAUs has accelerated, especially in the U.S. and London.

Monetization and partnerships

• Revenue is driven by query (search) and advertising streams, with a longstanding revenue-share partnership with Google, now including AI mode monetization.

• Opera Ads platform reach expanded to 700 million users, including both browser and third-party app users, enabling advanced targeting and e-commerce integration.

• E-commerce advertising revenue grew from $40 million to $240 million in 2.5 years, now over 50% of ad revenue, driven by scale and Western market penetration.

• Scale enables deeper partnerships and new monetization opportunities, especially as agentic commerce evolves.