Opera Ltd (OPRA) 2026 Q1 法說會逐字稿

Welcome to the Opera Limited first-quarter 2026 earnings call. I would now like to turn the call over to your speaker today, Matthew Wolfson, Head of Investor Relations. Please begin.

歡迎收聽 Opera Limited 2026 年第一季財報電話會議。現在我想把電話會議交給今天的主持人——投資人關係主管 Matthew Wolfson。請開始。

Thank you for joining us. This morning, I am joined by our CEO, Song Lin; and our CFO, Frode Jacobsen.

感謝各位加入我們。今天早上與我一同出席的有我們的執行長宋林，以及我們的財務長 Frode Jacobsen。

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 in our most recent annual report on Form 20-F filed with the SEC. We undertake no obligations to update any forward-looking statement.

在我把電話會議交給宋林之前，我想提醒各位，我們今天就公司業務、營運與財務表現所做的部分陳述，可能被視為前瞻性陳述。此類陳述係基於目前的預期與假設，並受多項風險與不確定性影響。由於各種因素，實際結果可能與前述陳述存在重大差異，包括今日財報新聞稿以及我們最近向美國證券交易委員會（SEC）提交之 Form 20-F 年度報告中所載之因素。我們不承擔更新任何前瞻性陳述的義務。

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 a year-over-year comparison unless we state otherwise.

在本次電話會議中，我們將同時呈現 IFRS 與非 IFRS 財務衡量指標。IFRS 與非 IFRS 指標之調節表已包含於今日的財報新聞稿中。財報新聞稿與隨附的投資人簡報可於我們的投資人關係網站 investor.opera.com 取得。除非另有說明，我們的評論將以年對年比較為基礎。

With that, let me turn the call over to our CEO, Song Lin, who will cover our first quarter operational highlights and strategy. Frode Jacobsen will discuss the details of our financials and expectations for the second quarter and full year. Song?

那麼，讓我把電話會議交給我們的執行長宋林，他將說明第一季的營運亮點與策略。Frode Jacobsen 將討論財務細節，以及對第二季與全年之展望。宋林？

Sure. Thank you, Matt, and good day, everyone. It’s been less than two months since we reported our fourth-quarter 2025 results with the trajectory for 2026 well ahead of internal expectations. Today, we announce that we surpassed even those recent forecasts.

好的。謝謝你，Matt，各位大家好。距離我們公布 2025 年第四季業績還不到兩個月，當時我們對 2026 年的發展軌跡已大幅超出內部預期。今天，我們宣布我們甚至超越了那些近期的預測。

Q1 revenue exceeded the high end of our guidance range by $4 million, and adjusted EBITDA exceeded the high end of our guidance range by $2 million. That translated to year-over-year revenue growth of 23% to $176 million, with $42 million adjusted EBITDA or a 24% margin.

第一季營收較我們指引區間上緣高出 400 萬美元，調整後 EBITDA 較指引區間上緣高出 200 萬美元。這轉化為年對年營收成長 23% 至 1.76 億美元，調整後 EBITDA 為 4,200 萬美元，或 24% 的利潤率。

It is also worth noting that revenue growth was comparable across advertising and query revenue, 24% and 23% respectively, both contributing to an excellent starting position for the remainder of the year. On the advertising side, first quarter revenue was a new all-time high of $117 million.

同時值得注意的是，廣告與查詢（query）營收的成長幅度相近，分別為 24% 與 23%，兩者共同為今年剩餘期間奠定了極佳的起點。在廣告方面，第一季營收創下歷史新高，達 1.17 億美元。

Our momentum and underlying growth was strong enough to more than offset seasonality. Our advertising partners run performance-based campaigns. We would not see this level of growth if our partners were not also experiencing success. As a result, we are able to continue increasing our share of wallet with a continued focus on scaling our e-commerce partnerships.

我們的動能與基本面成長強勁，足以大幅抵消季節性影響。我們的廣告合作夥伴投放以成效為基礎的活動；若合作夥伴未同樣獲得成功，我們不可能看到這樣的成長水準。因此，我們得以在持續聚焦擴大電商合作夥伴規模的同時，繼續提升我們在合作夥伴預算中的占比（share of wallet）。

As an example, just two weeks ago, we were awarded Affiliate of the Year from AliExpress. In late 2025, we received a similar recognition from Shopee, another key partner. We are humbled by the appreciation shown. We operate Opera Ads with their continued success as our North Star.

舉例來說，就在兩週前，我們獲 AliExpress 頒發「年度最佳聯盟夥伴（Affiliate of the Year）」。在 2025 年底，我們也獲得另一家重要合作夥伴 Shopee 的類似肯定。我們對這份肯定深感榮幸。我們營運 Opera Ads 時，始終以合作夥伴的持續成功作為我們的北極星指標。

Our partners appreciate the three core pillars of Opera Ads. First is a unified media technology ecosystem that combines our own ad inventory augmented with the wider programmatic landscape and advanced targeting algorithms to deliver hyper relevant placements and the precise moment of user intent. Second is consistent execution that delivers daily volume without sacrificing quality.

我們的合作夥伴重視 Opera Ads 的三大核心支柱。第一，是一個整合式媒體技術生態系，將我們自有的廣告庫存與更廣泛的程式化（programmatic）市場結合，並搭配先進的定向演算法，在使用者意圖出現的精準時刻，提供高度相關的版位。第二，是穩定一致的執行力，能在不犧牲品質的前提下，提供每日穩定的量能。

And finally, a deep collaborative alignment that fosters a transparent, closely aligned working relationship with our partners. Working with such global partners will translate demonstrated performance in active markets to continued regional expansion. While e-commerce opportunities will only increase as the year progresses, I’m also excited about taking our learnings from that vertical and applying it more broadly.

最後，是深度的協作一致性，促成透明且高度對齊的合作關係。與這些全球合作夥伴的合作，將把已在既有市場驗證的成效，轉化為持續的區域擴張。隨著年度推進，電商機會只會增加；同時，我也很期待把我們在該垂直領域的學習，推廣並更廣泛地應用。

For example, as we enter the travel-heavy second and third quarters, we see a clear potential to establish Opera Ads as a source of well-targeted audiences for the travel industry. All in all, there is no shortage of opportunity, and it’s all about execution to deliver the best results for our partners. Within the 23% growth of query revenue, such revenue growth continued expanding and reached 14% in the quarter. A level we have not seen since 2024.

例如，當我們進入旅遊需求較高的第二與第三季，我們清楚看到將 Opera Ads 打造成旅遊產業精準受眾來源的潛力。總體而言，機會不虞匱乏，關鍵在於執行，為合作夥伴交付最佳成果。在查詢營收 23% 的成長中，此類營收成長持續擴大，並在本季達到 14%，這是自 2024 年以來未見的水準。

The remainder of query growth was driven by non-search query revenue, which continues to be multiple times larger than the year ago quarter, with underlying growth also offsetting seasonality. In total, query revenue was $58 million in the first quarter and representing 33% of our revenue.

其餘的查詢成長來自非搜尋（non-search）查詢營收，其規模持續為去年同期的數倍，且其基本面成長同樣抵消了季節性影響。第一季查詢營收合計為 5,800 萬美元，占我們總營收的 33%。

As we’ve discussed before, the AI age comes with completely new querying monetization potentials for our browsers, both from conversation with the native Opera AI assistant and as it relates to the back end understanding of a user’s intentions, presenting relevant product and services natively in the user interface.

如同我們先前所討論，AI 時代為我們的瀏覽器帶來全新的查詢變現潛力，既包括與原生 Opera AI 助理的對話，也包括在後端理解使用者意圖，並在使用者介面中以原生方式呈現相關產品與服務。

The browser is unlike any other app. It’s a gateway to almost every service available online. As the browser gets smarter, the user can more efficiently act on their intentions. For example, if the user starts formulating a query in a URL bar, the browser can understand the intention and expand the interface to present relevant destinations. If a user was interrupted during a session, the browser can organize that history and enable a seamless continuation later on.

瀏覽器不同於任何其他 App；它是通往幾乎所有線上服務的入口。當瀏覽器變得更聰明，使用者就能更有效率地依其意圖採取行動。舉例來說，若使用者在網址列開始形成查詢，瀏覽器可理解其意圖並擴展介面以呈現相關目的地。若使用者在一次使用期間被打斷，瀏覽器可整理該歷史紀錄，並讓使用者日後無縫接續。

In fact, AI unlocks both advertising and query revenue opportunities for us. On the advertising side, deep learning and agentic AI are leading to greater optimization and better targeting of user intent, resulting in greater conversion rates for our advertising partners. On the query side, we are witnessing an evolution in search. Historically, search has been limited to the keywords users are searching for.

事實上，AI 同時為我們開啟廣告與查詢營收機會。在廣告方面，深度學習與代理式 AI（agentic AI）正帶來更高程度的最佳化與更佳的使用者意圖定向，進而提升我們廣告合作夥伴的轉換率。在查詢方面，我們正見證搜尋的演進。過去，搜尋主要受限於使用者輸入的關鍵字。

Over the past few years, we have seen it transform from simple keywords to more complex and longer question-based queries, and more recently, to chat conversations. As a browser with control of the URL bar and omnibox, we are well-positioned as an entry node to search and AI chats. As these more complex searches and conversations begin to be monetized, we are in an excellent position to benefit.

過去幾年，我們看到它從簡單關鍵字，轉變為更複雜、更長的問句式查詢，而近期更進一步演變為聊天對話。作為能掌控網址列與 omnibox 的瀏覽器，我們在搜尋與 AI 聊天的入口節點上具備有利位置。當這些更複雜的搜尋與對話開始被變現時，我們將處於極佳的受益位置。

Turning to our products and recent innovations, staying on the key topic of AI potentials for the browser. We recently introduced Browser Connector, available both in our subscription-based agentic browser, Opera Neon, and in our mainstream browsers, Opera One and GX.

接著談到我們的產品與近期創新，並聚焦於瀏覽器的 AI 潛力這個關鍵主題。我們近期推出了 Browser Connector，並同時提供於我們採訂閱制的代理式瀏覽器 Opera Neon，以及主流瀏覽器 Opera One 與 GX。

Browser Connector allows users to plug their favorite AI tools directly into their live browser sessions via a protocol known as the MCP, providing the AI platform of their choice with full real-time context of open tabs and active content. Think of this as bring your own AI. The MCP protocol is an open standard that enables a secure connection between a browser host and AI models, giving users the freedom to choose their preferred combination of browser and AI backends.

Browser Connector 讓使用者可透過一種稱為 MCP 的協定，將他們喜愛的 AI 工具直接接入即時的瀏覽器使用情境，為其選擇的 AI 平台提供開啟分頁與活動內容的完整即時脈絡。可將其視為「自帶 AI（bring your own AI）」。MCP 協定是一項開放標準，可在瀏覽器主機與 AI 模型之間建立安全連線，讓使用者能自由選擇偏好的瀏覽器與 AI 後端組合。

With Browser Connector, the user no longer needs to act as the personal secretary of their own online AI tools, copy and pasting links and context. Instead, the browser enables the AI of choice to access and read page content, understand open tabs, and even take screenshots to analyze images or graphs. Beyond the technical upgrade, Browser Connector reinforces Opera’s long-standing advocacy for user choice over ecosystem locking.

有了 Browser Connector，使用者不再需要充當自己線上 AI 工具的私人祕書，反覆複製貼上連結與背景資訊。相反地，瀏覽器讓所選 AI 能存取並讀取頁面內容、理解開啟的分頁，甚至可擷取螢幕截圖以分析圖片或圖表。除了技術升級之外，Browser Connector 也強化了 Opera 長期以來主張使用者選擇權、反對生態系鎖定的立場。

Product innovation translates to user appreciation and increased usage of our browsers, which again translates to revenue tailwinds. Looking at key Western markets, we see users who engage with AI within our browsers spend over an hour more per day in the browser and even perform 50% more traditional searches than comparable users who are not yet engaging AI. All of which directly contributes to ARPU growth.

產品創新會轉化為使用者的肯定與瀏覽器使用量提升，進而帶來營收順風。觀察主要西方市場，我們看到在瀏覽器內使用 AI 的使用者，每天在瀏覽器中多花超過一小時，且相較於尚未使用 AI 的類似使用者，傳統搜尋次數甚至多出 50%。這些都直接推動 ARPU 成長。

Our broad approach to monetization puts us in a differentiated position as most companies that are monetizing AI today are either chip and compute providers or those relying exclusively on subscriptions and usage-based models. In terms of our user base, we added 4 million users during the first quarter, bringing our total monthly average users to 288 million.

我們廣泛的變現策略，使我們在同業中具備差異化優勢，因為目前多數 AI 變現公司要嘛是晶片與運算供應商，要嘛完全依賴訂閱與按用量計費模式。就使用者基礎而言，我們在第一季新增 400 萬名使用者，使我們的月均使用者總數達到 2.88 億。

We added 400,000 Western users on top of the seasonally strong first quarter, and we benefited from both continued Android adoption and PC platform growth, and 1 million new Opera GX users globally. In total, our annualized ARPU was $2.43, a 25% increase year over year.

在第一季季節性強勁的基礎上，我們額外新增 40 萬名西方使用者，並同時受惠於 Android 持續採用與 PC 平台成長，以及全球新增 100 萬名 Opera GX 使用者。整體而言，我們的年化 ARPU 為 2.43 美元，年對年成長 25%。

The final topic I would like to discuss is MiniPay, our non-custodial stablecoin wallet with deep ecosystem roots. MiniPay is the leading stablecoin wallet in Africa, appreciated for its technical ease and seamless integrations, with great opportunities and real-life benefits, with access to stablecoins, both within emerging markets and as a global payment framework. Just last week, we announced a USD1 million incentive for local developers of Mini Apps that take advantage of the transaction opportunities of MiniPay. We are using our on-the-ground presence in Africa and Latin America to provide in-person support.

我想討論的最後一個主題是 MiniPay——我們的非託管（non-custodial）穩定幣錢包，並深植於生態系之中。MiniPay 是非洲領先的穩定幣錢包，因其技術上的易用性與無縫整合而廣受好評，並具備龐大機會與真實世界效益，可在新興市場內以及作為全球支付框架取得穩定幣。就在上週，我們宣布提供 100 萬美元的激勵，鼓勵本地開發者開發可利用 MiniPay 交易機會的 Mini Apps。我們正運用在非洲與拉丁美洲的在地據點，提供面對面的支援。

This supports the continued expansion of Mini Apps available in MiniPay, covering a broad range of services from finance, shopping, entertainment, and utility tools. MiniPay has now activated over 15 million wallets and processed over 430 million total transactions.

這支持 MiniPay 內可用的 Mini Apps 持續擴張，涵蓋從金融、購物、娛樂到生活實用工具等廣泛服務。MiniPay 目前已啟用超過 1,500 萬個錢包，並累計處理超過 4.3 億筆交易。

With that, I would like to turn the call over to Frode Jacobsen, our CFO, to discuss our financial results, guidance, and capital allocation in greater detail. Frode?

接下來，我想把電話會議交給我們的財務長 Frode Jacobsen，更詳細地說明我們的財務結果、財測指引以及資本配置。Frode？

Thanks, Song Lin. As Song Lin mentioned, we are very pleased with the start of 2026 and the trajectory we are on now well into the second quarter. Yet again, we overperformed our estimates and delivered an incremental $4 million of revenue on top of the guidance range, with over 50% conversion to incremental adjusted EBITDA. This level of outperformance is particularly impressive in the face of seasonal headwinds following the holiday-heavy fourth quarter.

謝謝你，Song Lin。正如 Song Lin 提到的，我們對 2026 年的開局以及目前已進入第二季的發展軌跡感到非常滿意。我們再次超越自身預估，在指引區間之上額外貢獻了 400 萬美元營收，且超過 50% 轉化為增量調整後 EBITDA。考量到在假期密集的第四季之後所面臨的季節性逆風，這樣的超預期表現尤其令人印象深刻。

Instead of a seasonal dip, our underlying commercial momentum overpowered those trends and drove sequential advertising revenue higher in the first quarter. Q1 also marks our 20th consecutive quarter as a Rule of 40 company, and we are well on track for 2026 to be the sixth consecutive year where we meet that high bar.

我們不僅沒有出現季節性下滑，反而是我們內在的商業動能壓過了這些趨勢，推動第一季廣告營收較前一季成長。第一季也標誌著我們連續第 20 個季度成為「40 法則（Rule of 40）」公司，而我們也正穩步邁向 2026 年連續第六年達成這項高標準。

In fact, our average annual revenue growth, or CAGR, stands at 21% over the past 10-year period, a feat few public companies achieve, even more so for companies that have been around for over 30 years, like Opera.

事實上，過去 10 年期間，我們的平均年營收成長率（CAGR）達到 21%，這是少數上市公司才能達成的成就；對於像 Opera 這樣已成立超過 30 年的公司而言，更是難能可貴。

In these times, filled with innovation and opportunity, we continue to benefit from the resilience and agility of our business model, disciplined execution, and our consistency in pairing rapid and organic growth with healthy profitability.

在這個充滿創新與機會的時代，我們持續受益於商業模式的韌性與敏捷性、嚴謹的執行力，以及我們一貫能將快速且有機的成長與健康的獲利能力相結合。

Our outperformance continues to be broad-based with total revenue growth of 23%, as opposed to the midpoint guidance of 19% growth. Within our total quarterly revenue of $176 million, advertising was $117 million or 67% of the total, and query revenue was $58 million.

我們的超預期表現仍呈現全面性，總營收成長 23%，高於指引中位數的 19% 成長。在本季 1.76 億美元的總營收中，廣告營收為 1.17 億美元，占總額 67%；查詢（query）營收為 5,800 萬美元。

Advertising revenue grew at 24%, the evolution of our search business into a broader query approach resulted in query revenue growth of 23%, a level we haven’t seen since the post-COVID rebound in 2021, as we better monetize high intent user actions across the browser interface.

廣告營收成長 24%；而我們將搜尋業務演進為更廣泛的查詢（query）策略，使查詢營收成長 23%，達到自 2021 年疫情後反彈以來未見的水準，因為我們能更有效地在瀏覽器介面上將高意圖使用者行為變現。

In terms of costs, I want to highlight the fact that we scale the business beyond expectations while also improving gross margin by about 60 basis points versus the prior quarter. Cost of revenue items combined represented 36.8% of revenue, down from the 37.4% we saw in Q4 and according to margin expectations from our prior costs commentary. As expected, cash-based compensation ticked slightly down from the Q4 level to $21.5 million.

在成本方面，我想強調的是：我們在業務規模擴張超出預期的同時，毛利率也較前一季提升約 60 個基點。營收成本項目合計占營收 36.8%，低於第四季的 37.4%，也符合我們先前對成本的說明所預期的毛利走勢。如預期，現金基礎薪酬（cash-based compensation）較第四季略為下降至 2,150 萬美元。

Marketing spend came in just below what we had built into guidance at $38.5 million, while the of all other OpEx items, pre-adjusted EBITDA came in at $9 million or just above expectations, still resulting in a slight net benefit. All in all, our continued cost discipline underpinned our adjusted EBITDA overperformance, coming in at $42 million for the quarter or a 24% margin.

行銷支出為 3,850 萬美元，略低於我們納入指引的水準；而在其他所有營業費用（OpEx）項目方面，調整後 EBITDA 前的金額為 900 萬美元，略高於預期，整體仍帶來些微淨利多。總體而言，我們持續的成本紀律支撐了調整後 EBITDA 的超預期表現，本季達 4,200 萬美元，利潤率為 24%。

Operating cash flow was also $42 million in the quarter, representing a 100% conversion of adjusted EBITDA. A strong net collection more than offset the limited tax payments we incurred. Free cash flow from operations was $35.5 million or 85% of adjusted EBITDA. We continue to expect fluctuations quarter to quarter due to the size and timing of tax and bonus payments, as well as other working capital movements.

本季營運現金流同樣為 4,200 萬美元，代表調整後 EBITDA 的 100% 轉化率。強勁的淨收款（net collection）足以抵銷我們所支付的有限稅款。營運活動自由現金流為 3,550 萬美元，約為調整後 EBITDA 的 85%。我們仍預期各季之間會因稅款與獎金支付的金額與時點，以及其他營運資金變動而出現波動。

Though I will reiterate my statement from last quarter that the full year conversion ratio of EBITDA to these cash flow metrics, as achieved in 2025, continue to be reasonable expectations also for 2026.

不過，我要重申我在上季的說法：以 2025 年所達成的水準來看，全年 EBITDA 轉化為上述現金流指標的比率，對 2026 年而言仍是合理的預期。

Turning to capital allocation and return of cash to our shareholders, where we combine a recurring dividend program of $0.80 per year with our recently launched $300 million buyback program. The dividend is paid out semiannually with $0.40 or $36 million paid out in January.

接著談資本配置與對股東的現金回饋：我們結合每年 0.80 美元的常態股利計畫，以及近期啟動的 3 億美元庫藏股回購計畫。股利採半年配發，1 月已配發每股 0.40 美元，合計 3,600 萬美元。

In terms of the buyback, we repurchased 1.14 million shares in March for a total spend of $17 million, pro rata distributed between public buybacks and repurchases from our majority shareholder at the same price per share, $14.88. This reduced the total number of shares outstanding as of March 31, to 89.55 million. You’ll see $12.8 million of the spend in our Q1 cash flow, with the settlement of the remaining $4.1 million taking place in Q2.

在回購方面，我們於 3 月回購 114 萬股，總支出 1,700 萬美元，並按比例分配於公開市場回購與向我們的大股東以相同每股價格 14.88 美元進行的回購。這使得截至 3 月 31 日的流通在外股數降至 8,955 萬股。你會在第一季現金流中看到其中 1,280 萬美元的支出，其餘 410 萬美元將於第二季交割結算。

Turning to our guidance. In terms of our full-year outlook, our solid start to the year allows us to raise revenue guidance to $727 million to $740 million, or 18% to 20% growth for the year as a whole. With that, we are raising the low end of guidance by $7 million and the high end by $5 million from the range we provided just two months ago, adding about 1 percentage point of growth to our expectations. In line with our guidance logic, this range continues to allow for later upside potential in the second half of the year.

接著談我們的指引。就全年展望而言，我們年初的穩健開局使我們得以上調營收指引至 7.27 億至 7.40 億美元，亦即全年成長 18% 至 20%。因此，相較於兩個月前提供的區間，我們將指引下緣上調 700 萬美元、上緣上調 500 萬美元，等同於將成長預期提高約 1 個百分點。依照我們的指引邏輯，該區間仍保留在下半年進一步上行的潛力。

We let just over 40% of the incremental revenue flow through to our adjusted EBITDA guidance and update our annual range to become $170 million to $174 million or a 23.4% margin at the midpoints. That means that our prior high end of the range has now become the midpoint.

我們讓略高於 40% 的增量營收流入調整後 EBITDA 指引，並將全年區間更新為 1.70 億至 1.74 億美元；以中位數計算，利潤率為 23.4%。這意味著我們先前區間的上緣如今已成為中位數。

For the second quarter, we guide revenue of $176 million to $178 million or 23%-25% growth. The quarter is already well underway, and both our operational and commercial performance supports the nice step-up versus prior implicit expectations. We guide adjusted EBITDA of $40 million to $42 million, representing a 23.2% margin and 28% adjusted EBITDA growth at the midpoints.

就第二季而言，我們指引營收為 1.76 億至 1.78 億美元，或成長 23%–25%。本季已進行一段時間，我們的營運與商業表現均支持相較先前隱含預期的良好上台階。我們指引調整後 EBITDA 為 4,000 萬至 4,200 萬美元；以中位數計算，利潤率為 23.2%，調整後 EBITDA 成長 28%。

In terms of costs, we then implicitly guide to a full-year OpEx base, pre-adjusted EBITDA of $562 million at the midpoints, of which $136 million in Q2. We continue to expect cost of revenue items combined to represent about 38% of revenue for the year, with mid-year coming in around the annual average before we go slightly higher in Q4 with its seasonal advertising peak.

在成本方面，我們也隱含指引全年（調整後 EBITDA 前）營業費用（OpEx）基礎於中位數為 5.62 億美元，其中第二季為 1.36 億美元。我們仍預期全年營收成本項目合計約占營收 38%；年中水準大致接近全年平均，之後在第四季因季節性廣告高峰而略為提高。

As discussed before, Opera Ads has a different gross margin profile compared to our O&O revenue streams, resulting in a greater cost of revenue component in our overall results, even as our Opera Ads gross margin is ticking up. Apart from the business mix effect, we continue to see the Opera Ads gross margin expanding as the platform scales and our optimization algorithms evolve, in addition to benefiting from low marketing costs and limited OpEx base.

如先前所討論，Opera Ads 相較於我們的自有與營運（O&O）營收來源具有不同的毛利率結構，因此即使 Opera Ads 的毛利率正在上升，整體結果中仍會呈現較高的營收成本占比。除了業務組合效應之外，隨著平台規模擴大與我們的最佳化演算法持續演進，加上較低的行銷成本與有限的 OpEx 基礎，我們仍看到 Opera Ads 毛利率持續擴張。

Cash-based compensation expense is expected to grow just above 10% for the year as a whole, which is slightly lower than our earlier expectation of growth in the low teens. We expect costs to increase modestly in Q2 with annual salary adjustments effective as of April. Post Q2, compensation cost is expected to show smaller movements quarter to quarter.

我們預期全年現金基礎薪酬費用成長略高於 10%，略低於先前預期的低十位數成長。我們預期第二季成本將小幅上升，因為年度薪資調整自 4 月起生效。第二季之後，薪酬成本預期各季之間的變動幅度將較小。

Full-year marketing cost remains expected to grow by about 10% from the 2025 level, with Q2 costs quite similar to Q1, followed by a slightly higher spend level in the later quarters. Cash-based compensation and marketing will then decline from representing 36% of revenue in 2025 to representing about 33% of revenue in 2026.

全年行銷成本仍預期較 2025 年水準成長約 10%；第二季成本與第一季相當接近，之後在後續季度支出水準略高。現金基礎薪酬與行銷費用合計占營收比重，將由 2025 年的 36% 降至 2026 年約 33%。

For all other OpEx items, pre-adjusted EBITDA, we increase our full year estimate to represent just over 20% growth year over year, up from our earlier expectation at about 15% growth. This is explained by hosting costs and the effects of our rapid business scaling, increased AI usage, and pricing impact of constrained supply, while other items included in the total remain stable overall.

至於其他所有 OpEx 項目（調整後 EBITDA 前），我們將全年預估上調至年增略高於 20%，高於先前約 15% 的成長預期。這主要由託管（hosting）成本與我們業務快速擴張的影響、AI 使用增加，以及供給受限所帶來的價格影響所致；而總額中包含的其他項目整體仍維持穩定。

We expect the cost category to increase quite linearly as the year progresses. In sum, while we continue to focus on building scale over accelerating margin expansion, as we refresh our estimates, we see a slight further widening of the gap between revenue and cost growth, allowing us to lift our adjusted EBITDA margin by about 15 basis points at the midpoints of full-year guidance two months after providing the first color on 2026.

我們預期該成本類別將隨著年度推進而相當線性地增加。總結而言，雖然我們仍將重點放在擴大規模而非加速利潤率擴張，但在更新估算後，我們看到營收成長與成本成長之間的差距略為進一步擴大，使我們得以在首次提供 2026 年初步展望兩個月後，將全年指引中位數的調整後 EBITDA 利潤率上調約 15 個基點。

In light of our performance and outlook, we remain very pleased with having expanded shareholder returns beyond our recurring dividend program to also include our new buyback program. We repurchased 1.3% of shares outstanding in the program’s first month at an attractive $14.88 per share, accelerating ROI upside for our shareholders. While it’s only been a couple of months since our last release, we’ve been excited to share today’s updates with you and look forward to keeping you posted on our progress.

鑑於我們的業績表現與展望，我們對於將股東回報從既有的經常性股利計畫進一步擴大、並納入全新的庫藏股回購計畫，仍感到非常滿意。我們在該計畫啟動的第一個月，以具吸引力的每股 14.88 美元回購了已發行股份的 1.3%，加速提升股東的投資報酬率（ROI）上行空間。雖然距離我們上次發布僅過了幾個月，我們仍很高興今天能與各位分享最新進展，並期待持續向各位更新我們的進度。

With that, I’ll turn the call back over to the operator for your questions.

接下來，我把電話交回給接線員，進入提問環節。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（接線員指示）Eric Sheridan，高盛。

Thanks so much for taking the question. Wanted to know if we could go a little bit deeper into the learnings you have to date with respect to the adoption of AI tools across your user base. When you look longer term, what do you see as the opportunity set, either at the browser level or maybe even for the rise of agentic commerce behavior by users that could bode well for both user growth as well as monetization opportunities? Thanks so much.

非常感謝讓我提問。我想更深入了解一下，迄今為止你們在用戶群中導入 AI 工具方面所獲得的洞察。從長期來看，你們認為機會在哪裡——不論是在瀏覽器層級，或甚至是用戶「代理式（agentic）」商務行為的興起——這些是否可能同時有利於用戶成長與變現機會？非常感謝。

Sure. Yeah, yeah. It’s only here. I’ll try to answer. Yeah, high-level I guess, number one, I would almost say that I think AI more like we are always the advocate for AI, and that’s also why we almost try to embed it in many of the aspects within the browser anyway. As we also talk about in the scripts that we also have it, for instance, from the URL bar, omnibar, to of course also the Opera AI assistant that the user can engage from sidebar. Further on to allow user to use AI with their own subscription, bring your own AI. That’s consistent with our offerings.

好的。是的、是的。就我這邊來回答看看。從較高層次來說，第一點，我幾乎會說我們一直都是 AI 的倡議者，這也是為什麼我們幾乎嘗試把它嵌入瀏覽器內的許多面向。正如我們在講稿中也提到的，我們在很多地方都提供了 AI，例如從網址列（URL bar）、全能列（omnibar），到使用者可從側邊欄互動的 Opera AI 助理。再進一步，讓使用者能用自己的訂閱來使用 AI，也就是 bring your own AI。這與我們的產品提供是一致的。

I would almost say that number one, in general, we see that once we provide it in the right context, in the right moment, users are very happy about it. That’s why I think we also talk about it briefly in the scripts, that whoever use AI, we saw that they almost spend one hour more in say, desktop browsers, which is already a very long hour spend compared with any other thing.

我幾乎會說，第一點，整體而言，我們看到只要在正確的情境、正確的時刻提供它，使用者都非常樂於使用。這也是為什麼我想我們在講稿中也簡要提到：使用 AI 的人，我們觀察到他們在桌面瀏覽器上的使用時間幾乎多了一個小時；而相較於其他任何事情，這已經是非常長的一個小時增量。

They also typically, search almost one time more, right, than the others. Search or engage with AI in different ways. I think in general we are very positive about it because those basically transfer to better opportunity to capture user intents and also the monetization opportunities as follow on.

他們通常也會多搜尋將近一次，對吧？不論是搜尋，或以不同方式與 AI 互動。我認為整體而言我們對此非常正面，因為這些行為基本上會轉化為更好的機會去捕捉使用者意圖，並帶來後續的變現機會。

I think that’s in general why we see that’s why it’s beneficial. On the other end though, I think maybe the only thing we’ll just say that we should of course never forget, that in the end of the day, user is the first, right? You know, as Opera, for instance, we never try to push user to something without may not be what they want. I think number one priority should always be that you give what user want. Also, it’s also equally important to be aware that of course it’s not all about efficiency, for instance, because many, for many of the times it’s user just want to kill time. They just want to enjoy what they do, and we should also respect that.

我想這大致上就是我們認為它有益的原因。不過另一方面，我想也許唯一要說的是，我們當然永遠不能忘記，歸根結底使用者是第一位的，對吧？例如對 Opera 而言，我們從不試圖把使用者推向某些可能不是他們想要的東西。我認為第一優先永遠應該是提供使用者想要的。同樣重要的是，也要意識到這當然不全然是效率的問題，因為很多時候使用者只是想打發時間，他們只是想享受他們正在做的事，而我們也應該尊重這一點。

I think that’s what also we see that people in the longer term, whoever win will be who, respect user behavior, give them the AI and the right context and right time, helping them use their own stuff instead of giving some, something with the locked-in ecosystem, whatever that is.

我想這也是我們所看到的：長期來看，能勝出的會是那些尊重使用者行為、在正確情境與正確時間提供 AI、並協助他們使用自己的工具，而不是提供某種被鎖定在特定生態系中的東西——不管那是什麼。

I think that’s what we see at least a major growth of us, both for the use of all those AI features, but also for how we actually see quite a good growth of user base. As you can see that even though Q1 is actually traditionally almost a bit lower season, it’s actually, we have been doing very well on the user base wise.

我想這就是我們所看到的，這也是我們的一個主要成長來源：不僅是各種 AI 功能的使用成長，也包括我們用戶基礎的良好成長。你可以看到，即使第一季傳統上通常是相對淡季，我們在用戶基礎方面其實表現得非常好。

We’re actually almost see one of the highest growth of MAUs on desktop for instance, likely as a result. That’s, yeah, more like that’s some high-level feelings.

例如在桌面端，我們幾乎看到 MAU 的成長接近歷史高點之一，很可能就是因此所致。是的，大概就是一些高層次的感受。

Naved Khan, B. Riley Securities.

Naved Khan，B. Riley Securities。

Great. Thank you very much. Two questions from me. One is, this metric you shared about users who engage with AI spend an hour more per day, and you see 50% increase in searches. I’m curious what percentage of your base is engaging with the AI chat feature that you currently have, and what are the levers that you control to drive this higher? The second question I have is just on the Google renewal that’s coming up at the year end of the year. How are those conversations going? Are you confident about renewing it or just give us a thought there.

很好，謝謝。我的兩個問題。第一個是，你們分享的指標顯示，與 AI 互動的使用者每天多花一小時，且搜尋量增加 50%。我很好奇，目前你們的用戶基礎中，有多少比例在使用你們現有的 AI 聊天功能？以及你們可以透過哪些可控的槓桿把這個比例推得更高？第二個問題是關於年底即將到期的 Google 續約。這些對話進展如何？你們對續約有信心嗎？請分享一下想法。

Yeah, it’s only here. I think I also try to answer it. I capture the last question also. I think I’ll just revolve on that. Yeah, I think for Google, I think we also talk about, I believe two months ago, Q4 release, that we are, well along. We are very happy to be one of the first to, sign with Google.

是的，就我這邊。我想我也試著回答。我也先接住最後一個問題。我想我就先圍繞那個來說。是的，關於 Google，我想我們也在大概兩個月前、第四季發布時提到過，我們進展順利。我們很高興能成為最早與 Google 簽約的合作夥伴之一。

We renewed the, let’s say, agreement for the year, due to the DOJ requirement, right? With them in the US. Very happy. We are very happy. I think they’re also very happy that we are one of the first partners to do that. Yeah, moving forward, we don’t expect any surprises. We have very good dialogue with them.

由於美國司法部（DOJ）的要求，對吧？我們與他們把協議以年度方式續簽。我們非常高興。我們非常高興。我想他們也很高興我們是最早完成這件事的合作夥伴之一。是的，往前看，我們不預期會有任何意外。我們與他們保持非常良好的對話。

Hopefully, there will be also some, interesting openings of new potentials that we can cooperate with Google, both on the search, but potentially on the AI side and a few other side. For the renewal, I think we typically have standard process of renewing with them by more like towards the second half of the year. I think we’ll continue the right path on that trend, and we’ll provide update when such is available.

希望未來也會有一些有趣的新機會，讓我們能與 Google 在搜尋方面、以及可能在 AI 端與其他幾個面向展開合作。至於續約，我想我們通常會在下半年、以較標準的流程與他們進行續約。我想我們會持續沿著正確的方向推進，並在有可提供的更新時再對外說明。

For now, I think the cooperation is fantastic. As you also see that we even have one of the highest growth of traditional search queries ever. I think both sides are very happy and hopefully we can expand that partnership moving forward.

就目前而言，我認為合作非常出色。你們也看到，我們甚至出現了傳統搜尋查詢量（queries）史上最高的成長之一。我想雙方都非常滿意，也希望未來能擴大這個合作夥伴關係。

I guess also super quickly comment a bit on your questions on AI, right. I guess in short, for now we have not disclosed the exact AI usage. I think reason just because now there are so many touch point and entry point of AI, that it’s almost a bit hard for us to define a particular entry, where, what count as a user use AI or not. You know, because that can happen both from omnibar whenever there is a suggestion, which is of course we are always updating. That’s also why you see a good growth of query revenues. Most of them are actually resulted of the many of the AI features that we are trying to promote.

我也很快補充一下你關於 AI 的問題。簡而言之，目前我們尚未揭露確切的 AI 使用數據。我想原因是，現在 AI 的觸點與入口非常多，以致於我們幾乎有點難去定義某一個特定入口：什麼情況算使用者有用 AI、什麼不算。你知道的，因為這可能發生在全能列（omnibar）的建議中，而我們當然一直在更新。這也是為什麼你會看到查詢收入有不錯的成長。這其中很多其實是我們正在推廣的多項 AI 功能所帶來的結果。

Of course, it’s also possible for user to both access AI with from the sidebar with Opera AI. With the latest introduced of browse with your own AI, you can actually control the browser by Browser Connector from your ChatGPT subscription inside the browser directly, or from your Claude and another chatbots directly from a webpage.

當然，使用者也可以透過側邊欄的 Opera AI 來使用 AI。隨著最新推出的「使用你自己的 AI 來瀏覽（browse with your own AI）」，你其實可以透過 Browser Connector，在瀏覽器內直接用你的 ChatGPT 訂閱來控制瀏覽器，或是在網頁上直接使用你的 Claude 以及其他聊天機器人。

So I guess it’s become, it will becoming harder for us to define particularly what content AI usage because I think that will be almost prolific. That, almost the majority, I think we do expect majority of the interactions within the browser will encounter AI in one form or another. I think our goal basically just to make sure that we are the browser of choice, we are the standalone player.

所以我想，對我們而言要特別界定什麼算 AI 使用會變得更困難，因為我認為那將會非常普及。我們幾乎預期瀏覽器內的大多數互動，都會以某種形式遇到 AI。我們的目標基本上就是確保我們是使用者的首選瀏覽器，我們是獨立的玩家。

We give them all the options available, and hopefully, if you, for instance, if you have a Claude subscription, our goal is just to make sure that Opera is the best go-to place for you to use. Same that if you have ChatGPT, subscription, but you also want to use Gemini sometimes, we should also be the go-to choice. I think that’s the, that’s our aim, and I think we are actually moving closer to that goal.

我們提供所有可用的選項；並希望例如你有 Claude 訂閱時，我們的目標就是確保 Opera 是你使用它的最佳首選。同樣地，如果你有 ChatGPT 訂閱，但有時也想用 Gemini，我們也應該成為你的首選。我想這就是——這就是我們的目標，而我認為我們確實正更接近這個目標。

Ron Josey, Citi.

Ron Josey，花旗（Citi）。

Great. Thanks for taking the question. I wanted to ask a little bit more on search, specifically with query growth accelerating in the quarter. Frode, I think you talked about the evolution as search evolves into a broader query approach overall. Talk to us about the evolution as search is, we see accelerating query growth and specifically, the tie between, call it, the new browser AI tools and engagement as search revenues growth and query grow, in fact accelerate.

很好，謝謝讓我提問。我想再多問一點關於搜尋的部分，特別是本季查詢量成長加速。Frode，我想你談到隨著搜尋演進，整體上會走向更廣義的「查詢」方式。請跟我們談談這個演進：在我們看到查詢量成長加速的同時，所謂新的瀏覽器 AI 工具與互動參與之間的連結是什麼？以及在搜尋營收成長、查詢量成長（甚至加速）之際，兩者之間的關聯為何。

Any insights on the evolution here would be super helpful. Then bigger picture, understood with guidance here, any insights on the broader advertising environment would be very helpful. Are there any verticals to call out one way or the other? Thank you.

關於這裡的演變，有任何洞見都會非常有幫助。再從更宏觀的角度來看，在這裡獲得一些指引後，對於更廣泛的廣告環境，任何洞見也都會非常有幫助。有沒有任何垂直領域值得特別點出（不論是正面或負面）？謝謝。

Yeah. Hi, Ron. Frode here. I’ll start. I think in the first quarter, we saw the year-over-year search, like pure search revenue, was growing at about 14% year over year, which was very strong. Up from the growth that we saw in all the quarters in 2025. On top of that, we have the broadening of the category, including also the non-search query revenues that drove it up to 23% total overall. I think we look at that category in an enthusiastic way because as these new tools evolve and as people can engage with the browser in new ways, we have more opportunities to direct people to the things they are looking for in native ways in the browser.

好的。嗨，Ron。我是 Frode。我先開始。我認為在第一季，我們看到年對年搜尋（也就是純搜尋營收）大約成長了 14%，這非常強勁。高於我們在 2025 年各季看到的成長。除此之外，我們也擴大了類別範疇，包含非搜尋查詢的營收，將整體總額推升到 23%。我想我們以非常正面的態度看待這個類別，因為隨著這些新工具演進、以及人們能以新的方式與瀏覽器互動，我們就有更多機會在瀏覽器中以原生的方式，把人們導向他們正在尋找的事物。

Frode, to that, as engagement ramps, you talked about more opportunity to direct, and then we heard in the call earlier, I think, Song Lin, you talked about broader engagement for those who have adopted AI tools. I know we’ve talked about that on this Q&A section. Any insights on adoption of AI, of AI tools to the browser and the user base overall?

Frode，延續這點，隨著互動度提升，你提到有更多機會去導流；而且我們在稍早的電話會議中也聽到，我想是 Song Lin，你談到採用 AI 工具的使用者會有更廣泛的互動。我知道我們在這段問答也談過。關於 AI 的採用、AI 工具在瀏覽器端以及整體使用者基礎的採用情況，有任何洞見嗎？

Yeah. Yeah, it’s only here, Ron. I guess I’ll just complement a bit on what Frode is saying that I mean, as I said, I think now as the way we see it’s becoming really proliferating that, like for instance, if you just use Opera browser, you can go to ChatGPT, but just use the Browser Connector, you can basically from there to control the Opera browser. Same way that let’s say if you type a regular URL, we will actually use AI to say that, oh, maybe this is Amazon tools you product that you would like. Right? With a pop-up, you either will click on it, they will go to it, and same as Booking.com is also a positive example that now it actually works that way.

對。對，Ron，只有我在這裡。我想我就補充一下 Frode 的說法。我的意思是，如我所說，我認為現在我們看到它真的在快速普及。比如說，如果你只是使用 Opera 瀏覽器，你可以去用 ChatGPT；但只要使用 Browser Connector，你基本上就可以從那裡來控制 Opera 瀏覽器。同樣地，假設你輸入一個一般的 URL，我們其實會用 AI 來判斷：喔，也許這是你想要的 Amazon 工具或產品，對吧？會跳出一個提示，你要嘛點擊就會前往；Booking.com 也是一個正面的例子，現在確實也能以這種方式運作。

I would almost say that I think now we’re basically coming to a stage where you could arguably say that majority of the user sessions are probably have AI involved in one form or the other. I think we’ll see that that will be the future moving forward. I think the key is just as we also maybe mentioned a bit earlier that I think the key is just maybe finding the right, design and combination that it should really facilitate user’s browsing behaviors. I think maybe that’s also something which people forgotten that in the end of day, it’s always, consumer first. It’s always end user first. It’s very important that it’s something facilitating.

我甚至可以說，我認為我們現在基本上正走到一個階段，可以說多數使用者的工作階段可能都以某種形式涉及 AI。我想這會是未來的走向。我認為關鍵在於——我們稍早也可能提到——關鍵是找到正確的設計與組合，讓它真正促進使用者的瀏覽行為。我想這也是人們有時會忘記的：到頭來永遠是消費者優先、終端使用者優先。非常重要的是，它必須是能夠促進、協助的東西。

For instance, that’s also why we provide this Browser Connector instead of pushing them to force them to use some particular Opera AI tool, but actually they can use whatever existing AI tool they like. I think that’s a very important philosophy that we believe in.

例如，這也是為什麼我們提供 Browser Connector，而不是去推、去強迫他們使用某個特定的 Opera AI 工具；相反地，他們可以使用任何他們喜歡的既有 AI 工具。我認為這是一個我們非常相信的重要理念。

We actually feel strongly that that should be the direction of what a browser should do, right? As an independent player, user can choose whatever, AI they like. It can be from existing big players. It can be even from open source if they choose. We just have to make sure that we provide this, Browser Connector in a MCP protocol that people can access as well as user grade, and then they can use whatever to control it.

我們其實非常堅信，這應該就是瀏覽器該做的方向，對吧？作為一個獨立的玩家，使用者可以選擇任何他們喜歡的 AI。可以是既有的大型玩家提供的，也可以是他們選擇的開源方案。我們只需要確保我們以 MCP 協定提供這個 Browser Connector，讓人們可以存取，而且是使用者等級（user grade）的，然後他們就能用任何工具來控制它。

I think we are basically in the best position to provide it. Maybe perhaps that’s also why I would almost say that, so far for the browser, come up by the, by the particular AI providers, I don’t think there’s too much acceptance of it, but rather we actually see very nice growth. Actually, we have the higher growth of our users, say for desktop that we have not seen for years. I think we are very encouraged by that.

我認為我們基本上處於提供這件事的最佳位置。也許這也是為什麼我幾乎可以說，到目前為止，那些由特定 AI 供應商推出的瀏覽器，我不覺得市場接受度很高；反而我們看到非常不錯的成長。實際上，我們的使用者成長（例如桌面端）達到多年未見的高水準。我們對此非常受到鼓舞。

James Callahan, Piper Sandler.

James Callahan，Piper Sandler。

Hi. Thanks for taking the question. Interested on the comments on travel, rolling out the sort of performance-based product there. Would you just be curious if how much of the pieces are in place to kind of roll that out? Is that something that’s kind of already in the model today?

嗨，謝謝讓我提問。我對你們談到旅遊、在那裡推出某種以績效為基礎的產品很感興趣。想請教目前要推出這個產品所需的各個環節到位了多少？這是不是今天的模型裡其實已經有納入了？

Yeah. I’ll go in terms of the model. Our guidance is always quite bottom-up estimate, where we look at what we have today, and then we rather leave upside for things to scale better than what we build into guidance in the later parts of the year.

是的。我先從模型的角度回答。我們的指引一向是相當自下而上的估算：我們會看我們今天已經擁有什麼，然後我們寧可把上行空間留給那些在年內後段可能擴張得比我們納入指引更好的項目。

Of course, travel it’s a big opportunity. It’s very. We can use our lessons from the e-commerce opportunity to scale into this vertical. It’s also interesting seasonality-wise, but it has a different annual annual profile with sort of mid-year travels, et cetera, whereas e-commerce and shopping tends to be or is definitely strongest at the around year-end and the holiday season.

當然，旅遊是一個很大的機會。它非常——我們可以運用我們在電商機會上的經驗教訓，把規模擴展到這個垂直領域。就季節性而言也很有意思，但它的年度輪廓不同，像是年中旅行等；而電商與購物往往——或確實——在接近年底與假期旺季時最強。

Okay. got it. That is helpful. Anything in terms of guidance for, I don’t know, either 2Q or a full year, just relative growth between query and advertising?

好的，了解。這很有幫助。那在指引方面，有沒有什麼可以分享的——我不知道，可能是第二季或全年——關於查詢（query）與廣告之間的相對成長？

I will be a bit careful to break it down into detail because it evolves as we evolve the opportunity, especially the non-search part of query is relatively new. Search as a whole is also quite market-based on top of how we move our user base. On the advertising side, of course, we have a baseline, and we have a guidance, and we also have opportunities that you just touched on. We, for now, I would say Q1 was very strong on the query overall.

我會稍微謹慎一點，不把它拆得太細，因為它會隨著我們推進機會而演變，尤其查詢中的非搜尋部分相對較新。整體搜尋也相當受市場因素影響，此外還取決於我們如何推動使用者基礎。在廣告端，當然我們有一個基準，也有指引，同時也有你剛提到的機會。就目前而言，我會說第一季在整體查詢方面非常強勁。

I think we don’t need to continue a year-over-year growth of over 20% on a query basis to meet our guidance, but it’s a bit too soon to discuss specifics for the later parts of the year.

我認為我們不需要在查詢基礎上持續維持超過 20% 的年對年成長就能達成我們的指引，但現在討論年內後段的具體細節還稍嫌太早。

(Operator Instructions) Jacob Stephan, Lake Street Capital Markets.

（接線員指示）Jacob Stephan，Lake Street Capital Markets。

Hey, guys. Congrats on a nice quarter. Maybe just to start off for me, I’ll ask on the MCP. This kind of positions you as kind of the central call point for several AI tools. Do you think that this kind of risks cannibalizing any of the Opera Neon subscriptions or economics, or is this kind of a complimentary funnel? Curious your thoughts here?

嘿，各位。恭喜繳出不錯的一季。先從 MCP 問起：這讓你們有點像是多個 AI 工具的中央呼叫點。你們覺得這會不會稀釋（cannibalize）Opera Neon 的訂閱或經濟性？還是說這其實是互補的導流漏斗？想聽聽你們的看法。

Yeah, that’s a very good question. It’s a very relevant question, right? I guess, yes, we do have a choice, right? Like, any given AI feature, which are quite interesting, we do have a choice of do we only give it to Opera Neon, and then hopefully we’ll push more for subscription revenue.

是的，這是個非常好的問題，也非常切題，對吧？我想，是的，我們確實有一個選擇，對吧？像任何一個相當有趣的 AI 功能，我們可以選擇只提供給 Opera Neon，然後希望能推動更多訂閱收入。

Do I think that it’s more relevant for the broader audience, and as a result, hopefully also attract more users in the generic Opera One or GX product, right? I think basically, as also demonstrated by our numbers, I think we are in a bit slightly luxurious situation that we are not burning money like all those base model companies. We are quite profitable, and we have good revenue.

或者，我們認為它對更廣泛的受眾更相關，因此也希望能吸引更多使用者到一般的 Opera One 或 GX 產品，對吧？我想基本上，從我們的數字也能看出，我們處於一個稍微比較「寬裕」的狀態：我們不像那些基礎模型公司一樣在燒錢。我們相當獲利，而且有不錯的營收。

You know, because our revenue model is because of advertisement, right, we do not really have to rely on fixed subscription revenue. Be aware that typically that subscription revenue is also, if you are a traditional AI company, that subscription revenue also coupled heavily with burning token costs, which is almost many times not sustainable.

你知道的，因為我們的營收模式是來自廣告，對吧，我們並不真的必須依賴固定的訂閱收入。要注意的是，通常如果你是一家傳統 AI 公司，那種訂閱收入也會高度伴隨著燒 token 的成本，很多時候幾乎是不可持續的。

I would almost say that, for in this particular case you asked is a bit easy, simple decision because we see it, we saw that there’s a great user feedback, people liked it. We calculated that it’s economically much better to put it outside rather than just because remember, this is bring your own AI, right? We don’t even need to use our own tokens, this is tokens from ChatGPT or whatever based on what you already have.

我甚至可以說，就你問的這個特定案例而言，這是一個相對容易、簡單的決策，因為我們看到使用者回饋非常好，大家喜歡它。我們也計算過，從經濟性來看，把它放到 Neon 之外更好，而不是只——因為請記得，這是自帶 AI（bring your own AI），對吧？我們甚至不需要用我們自己的 tokens，這些 tokens 來自 ChatGPT 或其他你已經擁有的服務。

We don’t really have any cost really whatsoever. You know, if that cause higher retention, how user search, how user use of browser, in the end of the day, it’s user have to use it inside the browser anyway, that we would be able to capture all the intent and monetize if needed anyway.

我們基本上沒有什麼成本可言。你知道，如果這能帶來更高的留存、提升使用者搜尋、提升使用者使用瀏覽器的程度，歸根結底，使用者本來就必須在瀏覽器裡使用它，我們無論如何都能捕捉所有意圖，並在需要時加以變現。

This particular case is actually very easy decision that it makes more sense to have it available on the general product and make money by regular browsers, which are already demonstrated to be very profitable anyway. I’m sure that there will be certain features may be tailored to particular, vertical audiences that would only be available in Neon, like many of the current Neon features is, and those that will be more subscription-based.

這個特定案例其實很容易做出決定：把它放到通用產品中、讓一般瀏覽器使用者都能使用更有意義，並透過一般瀏覽器使用者來賺錢——而這些使用者已經被證明本來就非常有利可圖。我相信會有某些功能可能會針對特定的垂直受眾進行客製化，並且只會在 Neon 中提供，就像目前許多 Neon 功能一樣；而其中一些也會更偏向訂閱制。

Yeah, for the Browser Connector, it’s an obvious choice that it’s better to make the, to make it widely available.

是的，對於 Browser Connector 來說，很明顯的選擇就是把它做成更廣泛可用會更好。

Okay. Very helpful. Maybe just last one for me on MiniPay. Obviously nice momentum there. At what point does this kind of become more of a P&L contributor versus, just the strategic investment? Do you kind of, I guess looking longer term, what are your plans for MiniPay, OPay?

好的。非常有幫助。我這邊最後一個問題想問 MiniPay。顯然那邊動能不錯。這項業務在什麼時點會從「策略性投資」轉變為更實質的損益表（P&L）貢獻者？從更長期來看，你們對 MiniPay、OPay 有什麼規劃？

Yeah. I can comment a bit on MiniPay. MiniPay is already meaningfully contributing. We generate about $20 million of revenue from the broader ecosystem around it. It is a very successful product, as you say, and it does allow people, we’ve tailored it initially for emerging markets to have an easy way to access stable coins and other blockchain types of assets.

是的。我可以稍微談一下 MiniPay。MiniPay 已經在實質上做出貢獻。我們從其周邊更廣泛的生態系中產生了約 2,000 萬美元的營收。正如你所說，這是一個非常成功的產品；它也讓人們——我們一開始是為新興市場量身打造——能以簡單的方式取得穩定幣以及其他區塊鏈類型的資產。

We continue to think it has a huge potential ahead and can really scale. Still, this is one of those items that is quite early, still a bit early in terms of how big it can get and what the trajectory looks until that point. On OPay, which is a separate topic.

我們仍然認為它未來潛力巨大，並且可以真正擴大規模。不過，這仍屬於相對早期的項目之一，就它最終能做多大、以及到那個時點之前的成長軌跡會是什麼樣子而言，仍然還有些早。至於 OPay，那是另一個話題。

That’s a company that Opera founded back in 2017, and we have a 9.5% stake in that that we carry on our balance sheet at about $300 million of book value. That company is by now operating completely independently from Opera and is advancing on its own.

那是一家 Opera 在 2017 年創立的公司，我們持有其 9.5% 的股權，並以約 3 億美元的帳面價值列在資產負債表上。到目前為止，那家公司已完全獨立於 Opera 營運，並自行推進發展。

While we’re not operationally working together, we of course share a history and we’re very proud to see how that company has scaled and is sort of working towards what we expect that will ultimately be an IPO, which we think is also very positive for Opera because it would sort of immediately make visible the market value of that company and Opera’s stake in it.

雖然我們在營運上沒有合作，但我們當然有共同的歷史；我們也很自豪看到那家公司如何擴張，並且正朝著我們預期最終會進行 IPO 的方向努力。我們認為這對 Opera 也非常正面，因為這將能相對立即地讓市場看見該公司的市值，以及 Opera 在其中持股的價值。

Jonnathan Navarrete, TD Cowen.

Jonnathan Navarrete，TD Cowen。

Thanks. How are buybacks going in [2Qs] so far, and how should we think about the pace into the year? Thank you.

謝謝。到目前為止，[2Qs] 的庫藏股回購進度如何？我們應該如何看待今年接下來的回購節奏？謝謝。

I don’t think we’ll get into sort of the talking ahead beyond sort of the historical period. Overall, we’re of course, very pleased to have that program in place. I guess it’s the third or fourth time of that we launched a buyback program and by far our biggest one that we have launched. I think we already are, you -- we reported our March trades essentially since the program became was launched in late February and we could start trading in March. Already I think it can contribute to accelerating ROI for our shareholders as we take shares out of the denominator.

我想我們不會去談論超出歷史期間、也就是往前展望的內容。整體而言，我們當然很高興能有這個計畫。我想這大概是我們第三或第四次啟動回購計畫，而且是迄今為止規模最大的一次。我們已經——你們看到我們披露了 3 月的交易，因為該計畫在 2 月底啟動，而我們在 3 月開始進行交易。我認為這已經能透過減少流通股數（分母）來加速股東的投資報酬率（ROI）。

Then sort of going ahead, I think we continue to be, as we’ve always been with buybacks, opportunistic and adjust the program to maximize the value that we can create. I think just the fact that we are in that position, we talked about it a bit on the last quarter as well.

至於接下來，我想我們會一如既往地以機會主義方式進行回購，並調整計畫以最大化我們能創造的價值。我想僅僅是我們處於這樣的位置——我們在上一季也稍微談到——就已經很能說明問題。

We are growing fast, and we are self-funded in the sense that, the business is generating very healthy cash flows and our CapEx model that Song touched on the AI side is very limited compared to other companies that you would think about in that space. We don’t have like a massive investment needs to drive our business. It’s a software layer. It’s a service and that is what we are good at.

我們成長很快，而且在自籌資金方面——也就是說，業務正在產生非常健康的現金流；而 Song 在 AI 方面提到的資本支出（CapEx）模式，相較於你在那個領域會想到的其他公司而言非常有限。我們不需要為了推動業務而投入龐大的資本。這是一個軟體層，是一項服務，而這正是我們擅長的。

We don’t want to compete in the hardware race. That also means that the cash we generate, we can actually return it to shareholders. We like the recurring dividend, and the buyback just helps us drive incremental upside.

我們不想參與硬體競賽。這也意味著，我們產生的現金其實可以回饋給股東。我們喜歡穩定的經常性股利，而回購則有助於帶來額外的上行空間。

Great. If I just one more question. There were some reports this morning that OpenAI missed some internal sales targets, and just wondering what could be the read-through, if any, for you guys?

很好。如果我再問一個問題：今天早上有一些報導說 OpenAI 沒有達到某些內部銷售目標。我想知道，這對你們是否有任何可供解讀的影響？

I hardly --

我幾乎——

OpenAI?

OpenAI？

Yeah, yeah. I thought OpenAI had this one.

對，對。我以為 OpenAI 會接這題。

I think, okay, it’s actually convenient that you ask the question immediately after my prior response because I think that we are quite distinguished. If you think about companies that have an, let’s say, AI opportunity, then of course we have the major platforms like OpenAI, et cetera.

我想——好，你在我前一個回答之後立刻問這個問題其實很剛好，因為我認為我們的定位相當不同。若你想到擁有某種 AI 機會的公司，當然會有像 OpenAI 等主要平台。

You also have Opera, right? We do it as a service in a browser. We don’t try to compete against the big LLMs out there, whether it’s ChatGPT or Gemini or Claude or any of the other ones. We are very good at providing an interface for LLMs to exist very close to the user, to control the browser, to take into account context of the user, and to enable it to be as productive as possible, right?

然後也有 Opera，對吧？我們是在瀏覽器中以服務的形式來做。我們不試圖與市面上的大型 LLM 競爭，不論是 ChatGPT、Gemini、Claude 或其他任何模型。我們非常擅長提供一個介面，讓 LLM 能非常貼近使用者地運作、能控制瀏覽器、能納入使用者的情境脈絡，並讓它盡可能提高生產力，對吧？

That, so for example, as we talked about with the Browser Connector, our own Opera AI in the browser, like you as a human, you don’t have to sit and be like the personal secretary of an AI model and copy-paste links and text, right? You can just, you can operate these tools in the browser, with the context included. I think, comparing us to OpenAI in some ways flattering that you ask. At the same time, I think our cost and capital need structure is completely different.

因此，例如我們談到 Browser Connector 時，我們在瀏覽器中的 Opera AI——你作為人類，不必坐在那裡像 AI 模型的私人祕書一樣去複製貼上連結和文字，對吧？你可以直接在瀏覽器裡操作這些工具，而且情境脈絡也包含在內。我覺得把我們拿來跟 OpenAI 比較，在某種程度上你這樣問是種恭維；但同時，我們的成本結構與資本需求結構完全不同。

Yeah. Maybe I’ll just add, right, that I just I think in general, as you I think hopefully as we also demonstrated that, like, both Opera and the potential all users are already demonstrated to be very AI savvy, I would say. Otherwise, they probably wouldn’t like, unlike some other maybe old-fashioned browser companies, people whoever use AI tend, whoever use Opera tends to be AI savvy, they tend to be very interested. I would almost say that I think of course, 300 million MAU of that is a very attractive partners that whoever, want to grow AI is I think we must be a very attractive partners that they can work with.

是的。我再補充一下：我想整體而言——也希望如同我們所展示的——Opera 以及我們的潛在使用者其實都已經被證明非常懂 AI、也很會用 AI。否則他們可能就不會喜歡——相較於一些可能比較老派的瀏覽器公司——使用 AI 的人往往、使用 Opera 的人往往都很懂 AI，也非常有興趣。我甚至會說，擁有 3 億 MAU 讓我們成為非常有吸引力的合作夥伴；任何想要擴大 AI 規模的公司，我想我們都必然是他們很有吸引力、可以合作的夥伴。

You know, for instance, if you compare with many other we call them similarly big player, like even Claude or X or whatever, I think I believe they are, their MAU are in a range of almost one tenth of our MAUs. Right? I’m sure OpenAI has a bit more, but at least our 300 million would -- must be a very interested partnership opportunities. I guess that will also be our, hopefully with the year moving on, we can see what can be done there.

你知道，例如如果你拿我們跟許多其他我們稱之為同樣大型的玩家相比——像是 Claude 或 X 或其他——我相信他們的 MAU 大概只有我們的十分之一左右，對吧？我確定 OpenAI 可能多一些，但至少我們的 3 億 MAU——必然是非常值得關注的合作機會。我想隨著今年進展，我們也希望能看看那方面可以做些什麼。

It does appear that there are no further questions at this time. I would now like to hand the call back to Lin Song for any additional or closing remarks.

看起來目前沒有其他問題。我現在想把電話交回給 Lin Song，請他做任何補充或結語。

Sure. Yeah. I guess thank you to everyone for joining us today. 2026 is off again to a great start. I’ll continue at the moment. You know, truly exciting landscape has already resulted in a solid foundation for continued strength through the remainder of the year and well beyond. Have a good day, everyone.

好的。是的，我想感謝各位今天加入我們。2026 年再次有一個很好的開局。我先繼續說一下。你知道，真正令人振奮的環境已經為我們奠定了堅實基礎，讓我們在今年剩餘時間以及更長遠的未來都能持續保持強勁表現。祝大家有美好的一天。

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

謝謝。今天的會議到此結束。感謝各位撥冗參與。您現在可以斷線。