@leocg
It happens on portable too.
It does show the latest tabs (the normal opera install, not just portable) if I before exiting close the previously lastest tabs.
What i mean is:
Lets say I install opera, open ebay.com, surf on that one tab and exit opera.
I start opera again - tab is ebay.com , I surf on that tab to facebook.com and exit opera.
I start opera again - tab is still ebay.com, not facebook.com .
But if in addition to ebay.com tab I open another tab and surf to facebook.com, close the ebay.com tab , when I reopen it will show the facebook.com tab.