Opera Limited

Welcome to the Opera Limited fourth quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this period, you will need to press star 1 on your telephone keypad. If you want to remove yourself from the queue, please press star 2. Please be advised that today's call is being recorded. Lastly, if you should need operator assistance, please press star zero. I would now like to turn the call over to your speaker today, Matt Wolfson, Head of Investor Relations. Please begin.

Thank you for joining us. This morning, I am joined by our CEO, Song Lin, and our CFO, Broda Jacobson. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially as a result of various factors, including those set forth in today's earnings press release and our most recent annual report on Form 20F filed with the SEC. We undertake no obligations to update any forward-looking statement. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of IFRS to non-IFRS measures is included in today's earnings press release. The earnings press release and accompanying investor presentation are available on our investor relations website at investor.opera.com. Our comments will be on year-over-year comparisons unless we state otherwise. With that, let me turn the call over to our CEO, Song Lin, who will cover our fourth quarter operational highlights and strategy, and then Frodo Jacobson, who will discuss the details of our financials and expectations for the first quarter and full year. Song?

Sure. Thank you, Matt, and good day, everyone.

While we pre-announced Q4 auto performance, we have been very much looking forward to today and to tell you how great our actual results were. and even more importantly, how exciting our 2026 guidance is. Advertising revenue led by continued scaling of e-commerce came in with an unprecedented sequential increase of 19 million versus the third quarter resulting in 25% year-over-year growth. Clearly, we are performing well for an increasing number of advertiser partners, all running performance-based campaigns with us, and we have yet again shown our ability to leverage the seasonally strongest fourth quarter to crown a year of fast growth. In addition, our rapidly expanding monetization of user intent, query revenue, continued with 16% growth year-over-year. This was fueled by both healthy search revenue growth and a continuation of 200% plus year-over-year growth in non-search power revenue. The monetization of intent-based traffic beyond search is an exciting opportunity, contributing over $5 million of revenue in the quarter and will continue to be our fastest growing revenue component in 2026. All in all, Q4 revenue growth was 22% against the toughest quarterly comparison of 2024, and 8% higher than the midpoint of guidance. Our resulting annual revenue growth was 28% in 2025, and acceleration from 21% growth in 2024. EBITDA also came in well above the high end of our guidance range and 7% higher than the midpoint. We continue to invest in both product marketing and the growth of advertiser relationships while maintaining a healthy EBITDA margin and solid cash flow, which further we'll cover in more detail later. We have talked a lot about our positioning in the AI era over the past years, and the topic continues to deserve attention. Our job is to make the best browsers for demanding users. We are amazed at the quality of emerging AI services, as I'm sure many of you are too. And we do not consider these companies our competitors, but rather current and potential future partners. Our focus is to create the best orchestration layout possible for end users to benefit from this rapidly expanding ecosystem. The best example is Google, which has delivered the world's best search experience for decades and is showcasing its technical abilities through the advancing Gemini models. Google has its own browser, but has been our partner for 25 years as we deliver an integrated experience for the end user to benefit from these services in official reach and advanced browser. And with the broadening ecosystem of services, the appeal of an independent browser only increases, and at the same time, the attention to the browser space results in more people contemplating which browser represents a better alternative That sentiment should be shared by the new AI companies, which would prefer to reach their users via an independent Opera browser as opposed to a direct competitor's browser. That is a healthy basis for constructive relationships. Our strength is browser sophistication. and a dedication to augment the web experience in ways the users will find familiar and useful. Most people don't want to change their browsing habits. Rather, they are looking to enhance it with a racial experience enabled by AI and agentic capabilities of their choosing. But it all starts with browsing at its core. The browser itself is a gateway to your online journey, and it is a mistake to build a browser that is a little more than an AI terminal with browsing the web as an outsource. This positioning is also what enables our financial profile. We do not need to plow massive capital into hardware, nor enter a fierce competitive large language model arms race. Financially, this is a continuation of the profile we've consistently shown a healthy combination of growth, profitability, and cash generation. and a relatively unique resulting ability to be both a growth company with no financial constraints to seize our potential while also returning significant cash to our shareholders. While our performance and outlook are not fully reflected by the public market today, there is always a silver lining, and in this case, it is our ability to take advantage of this opportunity to create significant value for our shareholders by launching a major share buyback program. We will go into the specifics shortly. Moving on to operational highlights. 2025 was certainly another year of rapid innovation and built upon our multiple technology and preference to tailor browsers to distinct audiences. We launched two new browsers, Opera Air and the subscription-based Opera Neo, which became widely available in early December. While user demand for agentic browsers is not yet mainstream, Neo is a terrific product that solves multiple goals. It provides one of the most advanced browsers for AI-demanding power users, potentially unlocking a new subscription-based revenue stream, and more importantly, It is a testing ground for new AI features that we can then introduce across our full suite of browsers. Our revamped Blacksheet browser, Opera 1, entered 2025 in its second generation R2, and most recently was refreshed to R3. In addition to greatly enhanced tab management and split screen views, after it came with native integration of email and calendar and our most advanced integrated AI assistant yet, Opera AI. Compared to audio versions, Opera AI benefits from a 20% faster agent-based engine and contextual responses that allow AI to understand the web page or an entire group of tabs. This enables it to give answers based on the browsing context while maintaining privacy and control in the hands of the user. As a result, the user benefits from more relevant, efficient assistance, and direct task completion within the browsing experience, unlike a standalone chat. And on the back of expanding monetization opportunities, we are bringing Opera AI to all of our browsers. With business models evolving beyond subscription Opera is exceptionally well-positioned to benefit from these trends and take advantage of our successful history of query monetization. Opera GX, the browser for gamers, reached over 34 million MAUs in the fourth quarter, a 5% sequential increase, and remains our highest-up product. As the official browser sponsor of the League of Legends World Championships, we saw our best weekend of user activations in the history of GX during the tournament. Our mobile browsers also contributed to healthy user base dynamics, with Europe continuing to stand out after iOS became a more level playing field following the EU Digital Markets Act. All in all, we ended the year with 284 million MAUs, inclusive of 60 million users, in Western markets that contribute the most to our strong ARPU trajectory. ARPU grew by 26% to $2.49 in the fourth quarter. This growth demonstrates our ability to gain users in key target markets despite new entrants from well-capitalized competitors. We continue to take advantage of our browser position to scale opportunities that are natural extensions. Opera Ads, the platform that initially optimized the relevance of ads to each individual Opera user, has become a global player also on non-browser inventory as part of our audience extension. Learning from primary data signals, we've more than doubled its pace of growth in 2025 versus 2024 with well-performing campaigns for our advertiser partners. Every second we process 12 million ad queries, more than double the year ago period. We worked with over 300 advertisers in 2025, including four of the five largest e-commerce platforms. Within the top 50 advertisers, the average spend per advertiser grew by 56% in 2025. In terms of our total advertising reach, when taking into account the millions of users that access our content platform through OEM white label solutions and the reach of Opera ads, it is over half a billion MAUs and growing. This scale and growth positions Opera uniquely among the largest online platforms. Another native extension of our footprint is Minipay. a stablecoin wallet that emerged as a feature inside our mini-browser tailored to emerging market users and is now available as a dedicated app. MiniPay continues to drive adoption in a stablecoin market with over 13 million activated wallets and increased from 10 million in the third quarter. The accumulated number of transactions increased from 290 million last fall to 390 million. Minipay is the fastest growing stablecoin wallet in Africa, appreciated for its technical ease and seamless integrations with the broad personal ecosystem, enabling simple and low to no fee transactions. Most recently, we expanded support for USDT and Pedal Gold and are rolling out the MiniPay card to increase functionality and serve as an important offering, offering best-in-class FX rates. Building upon our success in Africa, our 2026 focus will be to invest in making MiniPay a more global platform. With that, I would like to turn the call over to our CFO, Bruder Jacobsen, to discuss our financial results, guidance, and the capital allocation in greater detail.

Bruder. Thanks, Song. As Song Lin also opened, we have been looking forward to sharing our complete fourth quarter and full year results with growth well ahead of even recent expectations and above the guidance ranges on both revenue and adjusted EBITDA. While we always apply caution to guidance, exceeding the high end of our revenue range by over 12 million is a recent record. Relative to midpoints, revenue was 8% above guidance and adjusted EBITDA was 7% above guidance. We are also very pleased with the composition of our overperformance with healthy trajectories across both advertising and query revenues. Our e-commerce success translated into a record contribution from the holiday shopping season and, as importantly, demonstrated our ability to scale our partnerships further ahead of embarking on a new year. Our most mature revenue stream, search, is evolving and broadening with our ability to monetize users' intent as part of query revenue, whether it relates to reactive suggestions or advancing our intent-based traffic partnerships. In addition, AI unlocks query volume that was previously too complex for the search bar and represents a major improvement in the user experience, including well-tailored advertiser recommendations. Quarterly revenue totaled $177 million, 22% up year over year, and well ahead of guidance. Looking at our quarterly cost components, we incurred about $1 million more cash compensation expense than expected, predominantly a result of increased bonus provisions and a weaker US dollar. Cost of revenue items also scaled with the revenue over performance, representing 37.4% of total revenue. Marketing costs and the sum of all other OPEX items pre-adjusted EBITDA came in according to expectations. In total, and largely as a function of revenue over performance, costs were $11 million higher than implied in our midpoint guidance, though this was more than offset by the comparable $14 million increase in revenue, resulting in $3 million incremental adjusted EBITDA. Quarterly adjusted EBITDA came in at $42 million, a 23.6% margin, and also outside the guidance range, as earlier stated. All in all, full-year revenue came in at $615 million, growing 28%. Our initial guidance for 2025 was for growth of 17%, after which our steady cadence of overperformance added $52 million of revenue as the year progressed, or 11 percentage points of growth. 2025 adjusted EBITDA came in at $143 million, a 23.2% margin. This, too, represented a solid increase of $7.5 million versus initial guidance, adding 7 percentage points to the expected growth rate for the year. With that, 2025 was our fifth consecutive year as a Rule of 40 company. A few words about gross margin. As we scale up our ads, which has a different gross margin profile compared to our O&O revenue streams, we see a greater cost of revenue component in our results. But the platform comes with no marketing costs and a limited object space. As a result, our EBITDA margin was relatively stable, even as we delivered 28% overall revenue growth. It's worth noting that the Opera Ads gross margin actually expanded in parallel with its scaling from 2024 to 2025, thanks to enhancements in our optimization algorithms, showing how both we and our advertisers benefit from our strong targeting capabilities. Operating cash flow was $40 million in the quarter, or 96% of adjusted EBITDA, resulting in a full-year operating cash flow of $118 million, or a relatively normalized 83%, as expected. Free cash flow from operations, which also deducts capitalized equipment and development, as well as payment of lease liabilities, was $35 million in the quarter and $98 million for the year, corresponding to 84% and 69% of adjusted EBITDA, respectively. As percentages of adjusted EBITDA, we believe these annual levels represent fair expectations for 2026 cash conversion as well, while we will continue to see quarterly fluctuations with seasonality, tax and bonus payments, and other cyclical effects. Then, turning to guidance. While we are very pleased with our performance last year, we are still early in our trajectory. As we embark on a new year, we are excited by both the quality and potential of our products and our opportunities to continue growing our financial results. Starting with the current quarter, we guide Q1 revenue of 169 to 172 million, representing 18 to 21% growth year over year. The guidance reflects the growth momentum experienced year to date, reducing the sequential effect following the seasonally strongest quarter. We are generating healthy margins and are guiding for adjusted EBITDA of 38 to 40 million, a 22.9% margin at the midpoints, setting a solid foundation for the remainder of the year. For 2026 as a whole, we guide revenue of 720 to 735 million, translating into growth of 17 to 20%. While we prefer to be prudent at such an early point in the year, we are humbled by how far we have come in these past few years and our opportunities ahead. We got adjusted EBITDA of $167 to $172 million, a 23.3% margin at the midpoints. We take pride in driving organic revenue growth at a healthy level of profitability, and while our guidance reflects an inclination to focus on building scale over expanding margins, it implies a slight hiccup in profitability with the 2025 margin level now representing the starting point of the range. In terms of costs, we then implicitly guide to a full year OPEX base, pre-adjusted EBITDA, of 558 million at the midpoints, of which 131.5 million in Q1. We expect cost of revenue items combined to represent about 38% of revenue for the year, starting somewhat below and ticking up as the year progresses. That represents a two percentage point gross margin headwind for the year, while upper ads in isolation is expected to continue its margin expansion. Economies of scale across the other OPEX items supports the combination of rapid growth combined with a cautious adjusted EBITDA margin expansion. Cash-based compensation expense is expected to grow with a percentage in the low teens, with quarterly costs starting just below our Q4 2025 level and taking up with annual salary adjustments as of April. Full-year marketing cost is expected to grow by about 10% from the 2025 level, with a relatively even distribution of the annual spend between the quarters. And all other ROPEX items, pre-adjusted EBITDA, are expected to grow by about 15% for the year as a whole, starting just below the Q4 level and increasing quite linearly through the year. Finally, we are excited to launch our new buyback program today, which is of an unprecedented scale. In fact, the 300 million authorization exceeds all prior buybacks combined and represents over 25% of our market cap as of this morning. Our ability to do this on top of an already meaningful recurring dividend only highlights the attractiveness of our operating model and commitment to shareholder returns. Given our belief that our stock is trading at levels that do not reflect our continued success, we are taking advantage of our strong balance sheet and expanding cash generation to capture a compelling ROI opportunity for our shareholders. We will pace and structure the buyback program based on market conditions, and we will buy back shares from our majority shareholder at the same pace as we buy back shares in the public market. ensuring that our free float percentage remains unchanged while massively stepping up our return of cash to shareholders. All in all, we are very pleased and also proud of the results we have achieved thanks to our highly driven team and our ability to expand monetization while enhancing the user experience. We look forward to keeping you posted as yet another year with much promise progresses. With that, I'll turn the call back to the operator for questions.

Thank you. As a reminder, to ask a question, please press star 1 on your telephone keypad. To withdraw your question, press star 2. When posing your question, we ask that you please pick up your handset for optimal sound quality. And we'll take our first question from Ron Josie with Citi. Please go ahead.

Great. Thanks for taking the question. I want to ask a little bit more about Western users, which grew about 2 million sequentially. And I think we have some positive commentary around greater competition in Europe. So just talk to us about the ability to continue to gain these users despite, call it, greater competition and everything else. So talk about Western users and the growth there is one. And then the next question is just on ads. overall with e-commerce growing 25% year over year. Um, you know, a lot of that from e-commerce specifically, you know, the top 50 advertisers grew 56%. Talk to us about the traction that you're seeing within e-commerce and how you position that going forward.

Thank you.

Sorry. It's only. Yeah.

Yeah, I can't answer this. No, no, I just saw that he mentioned that you further, but this is only, I can try to also give a first step and then further comment a bit afterwards. So, yeah, I mean, I think overall, well, I'm quite happy with the user performance in Q4. I mean, actually, both for the public use, I think it's a good number because as we always mentioned in the past that We are always losing some physical users, but then we're always growing in where it counts, smartphone users and desktop users. And of course, a fair percentage of that is also Western users, which also showed up nicely in the Q4 states. So very happy about it. Essentially, I think it's an illustration of our focus, of our dedication, both for very attractive desktop offerings, but also maybe also to mention that we also see very nice growth on say, mobile browsers, especially iOS browsers, after the European Market Act. And then we also saw a lot of attractions, of course, as a result of AI. As a result of AI, everybody actually sees that it's actually possible to have a very good AI-powered browser experience, also in iOS. And then that's why we also have a lot of interest with all-purpose iOS, for instance. So overall, I think we saw a very good trend. And fortunately positive that the trend will continue, and then hopefully will grow faster. In the in the new year to come. So, so, so, so I think it's on that. And then, like, again, also maybe super, super quickly implementing on the on the ads, especially for most so. So, yeah, in general, if a month is our biggest categories. If it grows very nicely, that grows. If you only look at it for months alone, it actually grow a lot faster than 25% apparently. And, and it's, it's one of the strong powerhouse, I guess, to power the whole year-over-year growth. It's also very easy to calculate that despite of, you know, like a nice growth surge and also others, the e-commerce, of course, overall grows faster and that actually enables us to have an overall yearly growth of 28%. So like, again, very positive, but also maybe like to mention that the whole e-commerce is a very big market. It's a very big time, right? Like the whole, I would say it's, you know, in the world, it's probably likely to be a hundred billion dollars, depends on which number you use. And then even if just by market share of where we should be, we still have, you know, at least five to, 10 billion actually potential to go. So we are very positive about it. And I think it is also indicating the opportunity that bring us that in the past, most of those money probably go into let's say search engine because that's the only user intent which people kills. But the ways the advancement of AI people now starting to see that there are actually many places that is possible to place user intent, and the browser is naturally also one of it. That's also why we have the chance to actually gain those, I would say, user intent revenues, both in what we call ad query revenue, but also in advertisements or performance-based. And we feel that this have a very good opportunity to continue to power our growth in the next months or years to come. So very excited.

That's great.

Thank you very much.

I can chime in briefly that e-commerce is a very successful part of the business. It continues growth rates and 100% year-over-year rates, including in the key fourth quarter, and has scaled massively over the past couple of years. Then the Opera Ads platform, which also allows third-party publishers to take advantage of our targeting, saw an increase in the growth rate in 2025. And the metric you mentioned about the biggest customers growing, I think that's a very good picture of the deepening of the relationship we have with them. As all our campaigns are performance-based and when we do well, we get a bigger share of their marketing budgets.

Thank you, Frodo.

Thank you. Thank you. Our next question will come from Jim Callahan with Piper Sandler. Please go ahead.

Hi, thanks for taking the question. Just a question on Neon. It's been a few months since being rolled out. Anything you can talk to on, you know, engagement or monetization there so far?

Yeah, so again, it's Tony Hill.

So I also tried to comment a bit, right? So like, again, as also mentioned in the scripts, very exciting about the launch of Neon. We just have it widely available on mid-December, so it's still quite early. But I've also mentioned that I think what's been relevant is both the opening up of Neon as a potential community hub for AI power users, but also I think the technology behind it, which actually allows us to use the most advanced orchestrations in ways and forms which is not possible in the past. And then all of those features have also been able to allow us to move those into Opera AI, which are also launched across all the Opera products, which are very well received, which maybe is also part of the reason why we see the strong growth in Western market, because this is where this is the most appeal to. But we also think that there's a good potential to have it to further grow in 2026. And then in terms of monetization, as I also mentioned a bit that it's of course partly already revealed by the nice growth in both query revenue, but also related advertisements revenue based on it. But even though it's not really showing up in Q4, because we are not seeing mid-December, there are potential, of course, of potential subscription revenue streams, which can help us move up further.

Got it. That is helpful. And then just... follow up on gross margin. So you're obviously scaling the off platform part of the business, but your incremental gross margin stepped up the past two quarters. Can you just talk about the sustainability of that trend and like what steady state gross margins look like if we keep scaling off platform? Thank you.

I think the nice thing as we look into 2026 is it's a good growth potential across the business. We are still guiding to Opera ads platform, growing slightly faster than the totality and building in a bit of... a couple of extra points on cost of revenue. But at the same time, given the P&L profile of running a platform, it's generating very healthy EBITDA contribution, which allows us to slightly tick up the EBITDA margin expectation for 2026.

Great.

Thank you.

Thank you. Our next question comes from Eric Sheridan with Goldman Sachs. Please go ahead.

Thanks so much for taking the questions. Maybe the first one, just following up on Jim's question about NEON, I want to understand how you view the landscape to potentially grow wider adoption and what might be some of the key investments you need to make from either a branding perspective or a download perspective to sort of get more usage around NEON broadly as you look out over the next sort of six to 12 months. That would be the first one. And then, you know, in the slide deck or the investor presentation, you talked a little bit about the payments opportunity that sits in front of you. What do you see as some of the strategic investments that have to be made to capitalize on that payment opportunity? And how does it fit more broadly into your strategic imperatives? Thanks so much.

yeah yeah yeah it's only hell so i think i'll just try to make seven and for the can also comment to be done pulp right so so again very good question on neon so so to us i think it's about Yeah, it's actually a very interesting consideration. So I guess to us, at the end of the day, we are very unique in a position that, you know, because many other AI companies, they either have to rely on purely subscription, they don't really have a choice, and I think we are almost in a bit of a luxury situation that we are rather profitable on our free product, right, powered by advertisement and a few others. So for us, I think it's almost a big consideration and also balancing act that, you know, what features do we want to prioritize on get into NEON, which is a paid product substitution base, or do I think it actually makes more sense to have it in, you know, to make it generally available to everybody, right? Because that, in the end, of course, we'll also be able to allow our growth units faster and also help generating a very healthy advertisement revenues, which is which is, I guess, a bit challenging for some of the newer AI startups. So I would almost say that's almost a bit luckier situation, and that's also essentially why, you know, for instance, at least in Q4, we have prioritized on also making sure that many of the functionalities moved into Opera AI because we can afford it, and it's also making more sense in that context, while I think our focus is more for those which are really for powerful users. You know, for instance, we, you know, in the near, we are allowed very powerful orchestration of different AI models. You can choose Grog. You can choose OpenAI. You can choose many other models or even many open source ones. And then also, we allow rather comprehensive task management to group all the tabs into different, more like to group multiple tabs into a task to be able to generate the context. And also, we actually also have very powerful Neon Make tools, which are able to make many interesting utilities, mini apps, or potentially even presentations But naturally those will always turn out to a very, I would say, a niche group of users to start with, among others. So we have lots of sorts, we have lots of ideas, and we have many functionalities. Some of them will go into Opera AI, which is more suitable perhaps for wider audience. But then some of it, I would almost say, at this point, we have some very exciting tools for utility or let's say efficiency tools, which we are aiming at Neo. And I think those will be very interesting for potential Neo users in the future. And those will be our target subscription base. While there's also many other browser-related utilities and functionalities that will focus more in Opera AI, which will be freely available to general market. So it's a very big topic, very exciting times. And I think we only appreciate that we at Lyft have made different choices to make, which is a very nice position to be in. And then super quickly on payments. So you might also recall that we actually have an investment of some other investments based on fiat currency, which is proven to be a very good success. In the past, so I would almost say we have some experience over how to have very interesting payment infrastructure build ups on emerging market which which was the opportunities. So, so, so I didn't mean to pay here by is also very good case that we believe by focusing on technology. In this case, we have three and stable coin and pick us on infrastructure again in this case. decentralized approach that non-custodial approach and decentralized that we are able to build up a technical infrastructure while utilizing our I would say orchestration both for partners across different countries and also end consumers which as the consumer company we are very good at to be able to link all those three different paths to have a very compelling value proposition and storage so for now I would say it has We have some already proven in Africa, but this year the focus is actually to move it to be a more platform play around the world and also be able to link in those developed countries to developing countries as well. So I think those will be the area which way we walk. But again, we're actually working with those with partners. For instance, we announced the cooperation with TEDAW. already this year, which I think we particularly put out that that will also be with focus not only Africa, but also allow us to reach other parts of the world. And hopefully we also have some other interesting announcements to come shortly, which continue to allow us to do more globally as a platform and technical infrastructure. So very exciting times.

Great, thank you.

Thank you. Our next question will come from Navid Khan with B Reilly Securities.

Thank you very much. Two questions for me. One on the Opera GX user growth. What regions are you seeing this growth come from? And then also, I recall you launched Japan and Korea sometime early last year. How are those markets performing in terms of contributing to the user growth? So that's question one. And then, secondarily, can you just talk about maybe OPE and maybe potential IPO timing if there is going to be one this year? What are the expectations there or your thoughts there? Thank you.

Yeah.

So, like, again, I think I'll try to talk about a bit about GX, and then, for that, I can also talk a bit more on some other investments we have. So yeah, so high level, I think Opera GX. So overall, I would almost say that at this stage, what we have already been proven is that gaming users itself are quite high up valuable users. across the regions, right? So I think the nature of the fact that they are gaming users, particularly on PC, actually, and this is very nicely reflected in the different revenue and app profiles as fairly high up users regardless of the regions they are. So yeah, consequentially for us, it's priority is actually to making sure that way we solve all those users, you know, both in one of the biggest market points, the US is still the biggest market, but also in other markets like LATAM and a few other places. which we also see some very good interest on. And then maybe also super quick comment that yes, indeed, that we have also actually see quite interesting developments in, I would say, East Asian market, which we previously have not spending time on. Like, for instance, League of Legends World Championship last year is actually in China, but also is also very influential in Korea and Japan. So the fact that our close relationships with RELT allow us actually to able to do more in those markets. So we have actually some very exciting happenings and also continuations in those markets in 2026 to come.

I can comment on the OPE questions. I think we're very excited about the performance of our MSD OPE. In terms of an IPO, we see that they've hired very experienced public executives with the new CFO and CEO that the company recently announced. And I think all signs point to the company natural next step for the company being a public company, but nothing yet being confirmed on timing and specific expectations around it.

Thank you.

Thank you. As a reminder, that is star one to ask a question. And our next question will come from Jonathan Navarette with TD Cowen. Please go ahead.

Thank you. My questions are really on MiniPay. The first one is, could you walk us through the monetization path for MiniPay? And lastly, Are there any read-throughs in terms of Stripe's potential acquisition of PayPal as it relates to MiniPay, or are they just ready to defend platform assets? Thank you.

I can comment on the monetization first. Our priority with MiniPay is to build a scale and build a user base and create a product that has such low barriers to entry that stable coins become a viable, accessible tool for people with a starting focus on emerging markets. And then as we've talked about, we're expanding the functionality of it to include more payment opportunities, both domestically and internationally. And the way we monetize it for now is, broadly speaking, from the partner ecosystem, integrating partners into the product and promoting that and growing together with partners.

All right, thank you. Our next question will come from Mark Argento with Lake Street. Please go ahead.

Hey, guys. Congrats on the strong finish to the year. Just one quick one from me. Could you just remind us, non-search query revenue, and that was up almost 200%, small dollars, but what is that exactly, and how can you leverage that going forward? Thanks.

Yes, sure. I'll do that.

It's a very new revenue stream, but it's becoming material. It's exceeded $5 million in the quarter, up from $3 million in Q3, and growing very quickly. What it consists of is essentially when a user has an intent and we can address that intent by sending a search query to a search partner, but we can also provide direct references to partners. either as a part of the URL experience or in an AI chat with Opera AI, for example, and promote partners directly that way, tailored to what the user is looking for. And the reason we're excited about the revenue stream is that as these types of potential dialogues Expand so quickly, people use it more. We see a big step up in our users taking advantage of Opera AI in the browsers. Being a native part of the browser and existing one level above websites has many advantages, including monetization potential, which we will then capture in query revenue.

Thanks, Rado.

Thank you. And at this time, there are no further questions in the queue, so I'd like to turn the call back over to Song for any additional or closing remarks.

Sure. So, yeah, like again, thank you to everyone for joining us today. 2025 was an amazing year. We were able to ship new browsers and bring exciting features to our existing pseudo browsers and at the same time deliver impressive financial results that exceeded our rising expectations throughout the year. So while we of course still have a lot of work ahead of us, I'm confident we can make 2026 even more successful. Have a good day, everyone.

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.