Opera Reports Fourth Quarter and Full-Year 2025 Results Ahead of Expectations, Announces $300 Million Share Repurchase Program

Fourth quarter revenue increased 22% year-over-year to $177.2 million, exceeding the guidance range

Fourth quarter adjusted EBITDA was $41.9 million, representing a 24% margin, and also exceeding the guidance range

For the full year, revenue increased 28% to 614.8 million and adjusted EBITDA was $142.5 million, representing a 23% margin

Initiated 2026 guidance, anticipating full-year revenue of $720 - 735 million (17 - 20% growth) and adjusted EBITDA of $167 - 172 million. First quarter 2026 revenue is guided to $169 - 172 million (18 - 21% growth) with adjusted EBITDA of $38 - 40 million, maintaining a strong 23% margin throughout the year

Announced major share repurchase program for up to $300 million over two years with pro rata repurchases from public shareholders and its majority shareholder, complementing existing recurring dividend program

OSLO, Norway, Feb. 26, 2026 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), a leading global browser and AI agent company, today announced financial results for the quarter and full year ended December 31, 2025.

"2025 was a year of exceptional execution and financial overperformance for Opera. Our results for the fourth quarter yet again exceeded our guidance, with revenue reaching $177.2 million, bringing our full-year revenue to $614.8 million. This represents a remarkable 28% year-over-year increase, driven by successful growth in both advertising and query revenue, fueled by in particular e-commerce and expanding our monetization of user intent. We have paired this rapid growth with strong profitability, generating full-year adjusted EBITDA of $142.5 million. These results demonstrate the strength of our business model as we continue to scale efficiently while returning significant value to our shareholders. To further underscore our strong cash generation and confidence in Opera's future, our Board has authorized a major $300 million share repurchase program, which will serve as a powerful complement to our recurring dividend," said Lin Song, CEO.

"With Opera browsers having always been tailored for the most demanding users, we are excited about our opportunity to create the best orchestration layer possible for end-users to benefit from the rapidly expanding ecosystem of AI platforms and services. We are excited about our industry partnerships in this space, and how we leverage third-party LLMs and our agentic based engine to provide a native AI experience directly from the browser — one that is context-aware while maintaining privacy and control in the hands of our users. We've redefined the browsing experience with the launch of two new browsers in 2025, Air and Neon, tailored to distinct audiences in the same way as Opera One and Opera GX. Beyond the browser, our MiniPay wallet has seen explosive growth, reaching 13 million activated wallets. Through our expanded partnership with Tether we are providing seamless financial access and innovative digital utility to emerging markets globally," continued Mr. Song.

Fourth Quarter and Full-Year 2025 Financial Highlights

Three Months Ended

December 31,

Twelve Months Ended

December 31,

In thousands, except percentages and per share amounts

2024

2025

% Change

2024

2025

% Change

Revenue

145,833

177,210

480,648

614,825

Net income

28,688

55,705

80,771

108,282

Net income margin

Adjusted net income (1)

24,759

27,357

86,093

102,069

Adjusted net income margin

Adjusted EBITDA (1)

32,993

41,890

115,309

142,530

Adjusted EBITDA margin

Diluted earnings per share

0.32

0.61

0.90

1.19

Adjusted diluted earnings per share (1)

0.28

0.30

0.96

1.12

Net cash flow from operating activities

21,643

40,210

104,977

117,728

As percentage of adjusted EBITDA

Free cash flow from operations (1)

18,635

35,350

70,190

97,707

As percentage of adjusted EBITDA

_______________

(1)

See the sections below titled "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS Financial Measures" for explanations and reconciliations of non-IFRS financial measures.

Fourth Quarter 2025 and Recent Business Highlights

Authorization of $300 Million Share Repurchase Program

Opera's Board of Directors has authorized a share repurchase program of up to $300 million, effective immediately and available for a two-year period. Under this program, the Company will repurchase its American Depositary Shares (ADSs) from the public market, as well as pro-rata purchases of ordinary shares from its majority shareholder. As a result, the public free float will continue to represent the same percentage ownership of Opera.

Under the terms of the program, Opera's management is authorized to execute repurchases in any form it deems appropriate. The program does not obligate any repurchases and may be modified at the discretion of Opera's Board of Directors at any time. The program will be funded by Opera's operational cash generation and strong balance sheet. Opera remains fully committed to its semi-annual recurring dividend program, alongside the newly authorized share repurchases.

Fourth Quarter 2025 Financial Results

All comparisons in this section are relative to the fourth quarter of 2024 unless otherwise stated.

Revenue increased 22% to $177.2 million.

Operating expenses increased 25% to $148.1 million.

Operating profit was $28.5 million, representing a 16% margin, compared to an operating profit of $27.6 million and a margin of 19% in the fourth quarter of 2024.

Net finance loss was $1.0 million, a result of foreign exchange loss of $1.8 million, partially offset by $0.8 million in net interest income.

Income tax expense was $8.4 million, corresponding to an effective tax rate of 13%, and representing 20% of adjusted EBITDA. This compares to income tax expense of $5.3 million in the fourth quarter of 2024, representing 16% of adjusted EBITDA. On a full year basis, income tax expense was $16.9 million or 12% of adjusted EBITDA, compared to $17.6 million or 15% of adjusted EBITDA in 2024.

Net income was $55.7 million, representing a 31% margin, compared to net income of $28.7 million and a margin of 20% in the fourth quarter of 2024.

Adjusted net income was $27.4 million, representing a 15% margin and an increase of 10% relative to $24.8 million and a 17% margin in the fourth quarter of 2024.

Adjusted EBITDA was $41.9 million, representing a 24% margin and an increase of 27% relative to $33.0 million and a 23% margin in the fourth quarter of 2024.

Diluted earnings per share was $0.61, whereas adjusted diluted earnings per share was $0.30.

Net cash flow from operating activities was $40.2 million, or 96% of adjusted EBITDA. Free cash flow from operations was $35.4 million, or 84% of adjusted EBITDA.

Business Outlook

First Quarter 2026 Guidance

Full-Year 2026 Guidance

Revenue

$169 – 172 million

$720 – 735 million

Year-over-year revenue growth

18 – 21

17 – 20

Adjusted EBITDA (1)

$38 – 40 million

$167 – 172 million

Adjusted EBITDA margin (2)

_______________

(1)

See the section below titled "Non-IFRS Financial Measures" for explanations of non-IFRS financial measures.

(2)

The percentages shown for adjusted EBITDA margin have been calculated based on the midpoints of the revenue and adjusted EBITDA guidance.

"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. While we are very pleased with our 2025 performance, we are still early in realizing our potential. 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," said Frode Jacobsen, CFO.

"Our ability to launch a major share repurchase program, on top of an already meaningful recurring dividend, only highlights the attractiveness of our operating model, strong balance sheet and commitment to shareholder returns. In fact, the program's size is greater than all our previous repurchases combined, and represents a compelling ROI opportunity for our shareholders," continued Mr. Jacobsen.

Conference Call and Webcast Information

Opera's management will host a conference call to discuss the fourth quarter 2025 financial results at 8:00 a.m. ET today. The live webcast of the conference call can be accessed at our investor relations website at investor.opera.com, along with the earnings press release and financial tables. Following the call, a replay will be available at the same website.

We also provide announcements on our investor relations website at investor.opera.com regarding our financial performance and other matters, including SEC filings, press releases, slide presentations, business blog posts and information on corporate governance.

Non-IFRS Financial Measures

In addition to revenue, net income, net cash flow from operating activities and other financial measures presented in accordance with IFRS Accounting Standards, we use adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations to manage our business, make planning decisions, evaluate our performance, and allocate resources. We believe adjusted net income, adjusted EBITDA and adjusted diluted earnings per share provide meaningful supplemental information regarding our financial performance by excluding certain items that may not be indicative of recurring core business operating results. We believe free cash flow from operations provides useful information regarding our ability to generate cash from business operations that is available for acquisitions and other investments, and for distributions to our shareholders, even though free cash flow from operations does not represent the residual cash flow available for discretionary expenditures.

We define adjusted net income as net income excluding (i) profit (loss) from discontinued operations, (ii) gain (loss) on investments in unconsolidated entities, (iii) non-recurring expenses, (iv) impairment of non-financial assets, (v) amortization of acquired intangible assets, (vi) share-based compensation expenses, and (vii) the income tax effect of these adjustments. Adjusted net income margin is calculated as adjusted net income divided by revenue, whereas adjusted diluted earnings per share is calculated as adjusted net income divided by the diluted weighted average number of shares outstanding.

We define adjusted EBITDA as net income excluding (i) profit (loss) from discontinued operations, (ii) income tax expense, (iii) net finance income (expense), (iv) gain (loss) on long-term investments in unconsolidated entities, (v) non-recurring expenses, (vi) impairment of non-financial assets, (vii) depreciation and amortization, (viii) share-based compensation expenses, and (ix) other operating income. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.

We define free cash flow from operations as net cash flows from (used in) operating activities less (i) purchases of fixed and intangible assets, (ii) development expenditure and (iii) payment of lease liabilities.

We believe the non-IFRS financial measures defined above are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and because they are used by our institutional investors and the analyst community to help them analyze the health of our business. However, these non-IFRS financial measures should not be considered substitutes for, or superior to, the financial information presented in accordance with IFRS Accounting Standards. Our calculations of adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations may differ from similarly-titled non-IFRS measures, if any, reported by our peers. In addition, the non-IFRS financial measures may be limited in their usefulness because they do not present the full economic effects of certain items of income, expenses and cash flows. We compensate for these limitations by providing reconciliations of our non-IFRS financial measures to the most closely related financial measures in IFRS Accounting Standards in the section titled "Reconciliations of Non-IFRS Financial Measures" included at the end of this earnings press release. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view our reported non-IFRS financial measures in conjunction with net income and net cash flow from operating activities.

Forward-Looking Statements

This press release contains statements of a forward-looking nature. These statements include, but are not limited to, statements relating to our expectations regarding our business, strategy, products, services, outlook and guidance. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

Important factors that could cause actual results to differ materially include, among others: (i) our ability to attract, retain, and engage users and to increase ARPU; (ii) changes in macroeconomic conditions and advertising demand; (iii) our ability to maintain and improve monetization from query and revenue-sharing arrangements, including dependence on major partners and changes in their commercial terms, policies, algorithms, or distribution mechanics; (iv) changes by platform providers (including mobile operating systems, browsers, app stores, and device manufacturers) that could affect distribution, product functionality, data access, attribution, or monetization; (v) competition in browsers, AI-enabled user experiences, digital advertising, and consumer internet products; (vi) the successful development, deployment, adoption, and monetization of new products and features, including AI initiatives, and the costs and risks associated with them; (vii) privacy, data protection, consumer protection, competition/antitrust, online safety, and other laws and regulations (including changes in interpretation, enforcement, or compliance obligations) and related litigation or regulatory inquiries; (viii) security incidents, service disruptions, outages, and failures of our or third parties' systems; (ix) our ability to manage operational, technical, and infrastructure costs, including hosting and distribution costs, and to scale effectively; (x) foreign currency exchange rate fluctuations and other market volatility; (xi) geopolitical events, sanctions, or restrictions affecting the markets in which we operate; (xii) our ability to attract and retain key personnel; and (xiii) other risks and uncertainties described under "Risk Factors" in our most recent Annual Report on Form 20-F and in our other filings and submissions with the U.S. Securities and Exchange Commission.

All information provided in this press release is as of the date hereof and is based on assumptions that the Company believes to be reasonable as of this date, and it undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across devices. Hundreds of millions worldwide use Opera's mobile and desktop browsers for their speed, security, and unique features, enhanced with integrated AI that enables users to navigate and interact with the web in new transformative ways. Founded in 1995 and headquartered in Oslo, Norway, Opera is listed on the Nasdaq stock exchange under the ticker symbol "OPRA". Download Opera products from opera.com and learn more about Opera at investor.opera.com.

Opera Limited

Consolidated Statement of Operations

(In thousands, except per share amounts, unaudited)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Revenue

145,833

177,210

480,648

614,825

Other operating income

(556)

2,367

(378)

Operating expenses:

Technology and platform fees

(2,513)

(2,579)

(10,010)

(9,312)

Content cost

(1,124)

(1,703)

(3,891)

(6,066)

Cost of inventory sold

(44,134)

(62,026)

(118,658)

(205,127)

Personnel expenses excluding share-based compensation

(16,708)

(21,903)

(69,940)

(78,994)

Share-based compensation expenses

(1,061)

(7,457)

(9,718)

(31,273)

Marketing and distribution expenses

(40,943)

(38,127)

(131,951)

(142,218)

Credit loss expense

532

371

784

713

Depreciation and amortization

(4,353)

(4,940)

(15,582)

(18,861)

Impairment of non-financial assets

(109)

(425)

(113)

(1,946)

Other operating expenses

(7,950)

(9,353)

(31,674)

(31,291)

Total operating expenses

(118,363)

(148,142)

(390,753)

(524,375)

Operating profit

27,559

28,512

92,262

90,072

Share of net income (loss) of equity-accounted investees

(2)

298

(2)

268

Fair value gain on long-term investments

5,000

36,300

5,000

36,300

Net finance income (expense):

Finance income

995

928

3,577

3,294

Finance expense

(154)

(153)

(586)

(610)

Net foreign exchange gain (loss)

633

(1,806)

(1,839)

(4,108)

Net finance income (expense)

1,473

(1,031)

1,152

(1,424)

Income before income taxes

34,030

64,079

98,412

125,216

Income tax expense

(5,342)

(8,373)

(17,642)

(16,934)

Net income attributable to Opera shareholders

28,688

55,705

80,771

108,282

Earnings per share:

Basic

0.32

0.62

0.91

1.21

Diluted

0.32

0.61

0.90

1.19

Weighted-average number of shares outstanding:

Basic

88,480

89,648

88,463

89,555

Diluted

89,741

91,011

89,676

90,956

Opera Limited

Consolidated Statement of Comprehensive Income

(In thousands, unaudited)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Net income

28,688

55,705

80,771

108,282

Other comprehensive income (loss):

Items that may be reclassified to the Statement of Operations:

Exchange differences on translation of foreign operations

(2,115)

333

(811)

3,529

Reclassification of exchange differences on loss of control

—

141

—

141

Other comprehensive income (loss)

(2,115)

474

(811)

3,670

Total comprehensive income attributable to Opera shareholders

26,573

56,179

79,960

111,952

Opera Limited

Consolidated Statement of Financial Position

(In thousands, unaudited)

As of December 31,

2024

2025

Assets:

Property and equipment

34,058

32,744

Goodwill

429,742

430,323

Intangible assets

97,509

98,898

Investment in OPay

258,300

294,600

Equity-accounted investments

1,248

4,016

Other non-current investments and financial assets

1,760

1,625

Deferred tax assets

1,063

1,585

Total non-current assets

823,681

863,792

Trade receivables

92,823

112,593

Other current receivables

4,560

7,033

Cash and cash equivalents

126,797

155,466

Other current assets

7,724

4,367

Total current assets

231,904

279,459

Total assets

1,055,585

1,143,251

Equity:

Share capital

Additional paid-in capital

647,212

576,046

Treasury shares

(238,815)

Retained earnings

536,623

674,735

Foreign currency translation reserve

(4,938)

(1,268)

Total equity attributable to Opera shareholders

940,100

1,010,716

Liabilities:

Non-current lease liabilities

5,631

4,544

Deferred tax liabilities

8,689

9,212

Other non-current liabilities

Total non-current liabilities

14,391

13,766

Trade and other payables

75,285

89,520

Current lease liabilities

3,955

3,866

Income tax payable

3,190

6,610

Deferred revenue

5,441

4,499

Other current liabilities

13,222

14,273

Total current liabilities

101,093

118,768

Total liabilities

115,484

132,535

Total equity and liabilities

1,055,585

1,143,251

Opera Limited

Consolidated Statement of Changes in Equity

(In thousands, except number of shares, unaudited)

For the twelve months ended December 31, 2024:

Number of

outstanding

capital

Additional

paid-in

capital

Treasury

Retained

earnings

Foreign

currency

translation

reserve

Total equity

attributable

to Opera

shareholders

As of January 1, 2024

87,518,284

717,610

(238,815)

445,164

(4,127)

919,850

Net income

—

80,771

—

80,771

Other comprehensive loss

—

(811)

Cost of equity awards, net of tax

—

10,689

—

10,689

Issuance of shares upon exercise of equity awards

961,870

—

Dividends

—

(70,398)

—

(70,398)

As of December 31, 2024

88,480,154

647,212

(238,815)

536,623

(4,938)

940,100

For the twelve months ended December 31, 2025:

Number of

outstanding

capital

Additional

paid-in

capital

Treasury

Retained

earnings

Foreign

currency

translation

reserve

Total equity

attributable

to Opera

shareholders

As of January 1, 2025

88,480,154

647,212

(238,815)

536,623

(4,938)

940,100

Net income

—

108,282

—

108,282

Other comprehensive income

—

3,670

Cost of equity awards, net of tax

—

29,830

—

29,830

Issuance of shares upon exercise of equity awards

1,167,902

—

Dividends

—

(71,167)

—

(71,167)

As of December 31, 2025

89,648,056

576,046

(238,815)

674,735

(1,268)

1,010,716

Opera Limited

Consolidated Statement of Cash Flows

(In thousands, unaudited)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Cash flows from operating activities:

Income before income taxes

34,030

64,079

98,412

125,216

Adjustments to reconcile income before income taxes to net cash flow from operating activities:

Net finance (income) expense

(1,473)

1,031

(1,152)

1,424

Fair value gain on long-term investments

(5,000)

(36,300)

(5,000)

(36,300)

Share of net income (loss) of equity-accounted investees

(298)

(268)

Impairment of non-financial assets

109

425

113

1,946

Depreciation and amortization

4,353

4,940

15,582

18,861

Cost of equity awards

856

7,700

8,631

30,079

Other adjustments

(355)

279

(66)

(516)

Changes in working capital:

Trade and other receivables

(18,212)

(11,489)

(20,199)

(22,715)

Other current assets

(3,008)

(1,181)

(1,820)

(786)

Trade and other payables

11,607

13,762

23,038

13,592

Deferred revenue

1,970

505

(4,830)

(943)

Other liabilities

145

2,917

(86)

991

Income taxes paid

(3,380)

(6,160)

(7,649)

(12,854)

Net cash flow from operating activities

21,643

40,210

104,977

117,728

Cash flows from investing activities:

Purchase of equipment

(34)

(1,339)

(23,344)

(5,546)

Development expenditure

(1,872)

(2,236)

(7,263)

(9,699)

Investment in an associate

(1,250)

—

(1,250)

(2,500)

Sale of long-term investments

833

—

1,333

—

Interest received

995

928

3,412

3,294

Net cash flow used in investing activities

(1,328)

(2,648)

(27,112)

(14,451)

Cash flows from financing activities:

Dividends paid

—

(37,435)

(71,167)

Payment of lease liabilities

(1,102)

(1,285)

(4,181)

(4,776)

Interest paid

(141)

(186)

(530)

(610)

Net cash flow used in financing activities

(1,236)

(1,470)

(42,146)

(76,552)

Net change in cash and cash equivalents

19,080

36,092

35,720

26,724

Cash and cash equivalents at beginning of period

106,005

119,042

93,863

126,797

Effect of exchange rate changes on cash and cash equivalents

1,713

332

(2,785)

1,944

Cash and cash equivalents at end of period

126,797

155,466

126,797

155,466

Opera Limited

Supplemental Financial Information

(In thousands, unaudited)

Revenue

The following table presents revenue disaggregated by type:

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Advertising

91,756

114,401

290,723

396,040

Query

53,890

62,298

188,997

216,832

Technology licensing and other revenue

187

510

927

1,953

Total revenue

145,833

177,210

480,648

614,825

Share-based Compensation Expenses

The table below presents the amounts of share-based compensation expenses:

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Cost of Opera-granted awards

(2,388)

(6,139)

(5,760)

(27,282)

Cost of parent-granted awards (1)

1,527

(1,561)

(2,872)

(2,797)

Total cost of equity awards

(861)

(7,700)

(8,631)

(30,079)

Social security contributions for Opera-granted awards

(200)

243

(1,087)

(1,194)

Total share-based compensation expenses

(1,061)

(7,457)

(9,718)

(31,273)

_______________

(1)

Kunlun, the majority shareholder of Opera, has granted equity awards to Opera employees as compensation for services provided to Opera. Opera does not have any obligation to settle the awards granted by Kunlun and such awards do not lead to dilution for Opera shareholders.

Other Operating Expenses

The table below presents the items of other operating expenses:

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Hosting

(3,126)

(4,060)

(12,360)

(13,572)

Audit, legal and other advisory services

(1,899)

(1,705)

(7,687)

(6,171)

Software license fees

(770)

(932)

(4,026)

(3,418)

Rent and other office expenses

(541)

(583)

(2,305)

(2,295)

Travel

(493)

(520)

(1,959)

(1,978)

Other

(1,121)

(1,553)

(3,338)

(3,857)

Total other operating expenses

(7,950)

(9,353)

(31,674)

(31,291)

Opera Limited

Reconciliations of Non-IFRS Financial Measures

(In thousands, except per share amounts, unaudited)

The following table presents a reconciliation of adjusted net income to net income:

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Net income

28,688

55,705

80,771

108,282

Add (deduct):

Fair value (gain) on long-term investments

(5,000)

(36,300)

(5,000)

(36,300)

Share of net loss of equity-accounted investees

(298)

(268)

Impairment of non-financial assets

109

425

113

1,946

Amortization of acquired intangible assets

645

2,580

Share-based compensation expenses

1,061

7,457

9,718

31,273

Income tax effect on adjustments

(747)

(277)

(2,091)

(5,444)

Adjusted net income

24,759

27,357

86,093

102,069

Diluted weighted-average number of shares outstanding

89,741

91,011

89,676

90,956

Adjusted diluted earnings per share

0.28

0.30

0.96

1.12

The following table is a reconciliation of adjusted EBITDA to net income:

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Net income

28,688

55,705

80,771

108,282

Add (deduct):

Income tax expense

5,342

8,373

17,642

16,934

Net finance (income) expense

(1,473)

1,031

(1,152)

1,424

Fair value (gain) on long-term investments

(5,000)

(36,300)

(5,000)

(36,300)

Share of net loss of equity-accounted investees

(298)

(268)

Impairment of non-financial assets

109

425

113

1,946

Depreciation and amortization

4,353

4,940

15,582

18,861

Share-based compensation expenses

1,061

7,457

9,718

31,273

Other operating income

(89)

556

(2,367)

378

Adjusted EBITDA

32,993

41,890

115,309

142,530

The table below reconciles free cash flow from operations to net cash flow from operating activities:

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2025

2024

2025

Net cash flow from operating activities

21,643

40,210

104,977

117,728

Deduct:

Purchase of equipment

(34)

(1,339)

(23,344)

(5,546)

Development expenditure

(1,872)

(2,236)

(7,263)

(9,699)

Payment of lease liabilities

(1,102)

(1,285)

(4,181)

(4,776)

Free cash flow from operations

18,635

35,350

70,190

97,707

SOURCE Opera Limited