Nebius Group N.V. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Nebius Group Q2 2026 Earnings Summary

Executive Highlights

  • Strong execution with triple-digit revenue and ARR growth; sold out of capacity as new infrastructure comes online.
  • Landmark AI cloud deals closed: 4 contracts averaging >$1B each with Reflection, Cohere, a scaled U.S. AI lab, and a large U.S. quant trading firm (yields of $20-25M per MW, 50-60% upfront CapEx coverage).
  • Short-term/high-premium deals signed at $40-50M+ per MW; first capacity auction cleared at 15% above prior Blackwell highs.
  • New asset-light partnership model launched for capital-efficient scaling; long-term contracted backlog at $40B supports financing.
  • Year-end contracted power target raised to 5 GW; planning >1 GW new capacity deployment in 2027.

Key Financial Metrics (All YoY Comparisons Unless Noted)

  • Group Revenue: $582M (+454% YoY; +46% QoQ from Q1 2026).
  • Nebius AI Revenue: $575M (+514% YoY), representing 98% of group revenue.
  • ARR: $3B (+598% YoY; +58% QoQ from $1.9B at end of Q1 2026).
  • Group Adj. EBITDA: $236M (vs. -$21M loss in Q2 2025; vs. $129.5M in Q1 2026); margin 41% (up from 32% in Q1 2026).
  • Nebius AI Adj. EBITDA: $236M at 50% margin (Group margin delta due to early-stage investments in Avride and TripleTen).

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Operator: Welcome to Nebius Group's Q2 2026 Earnings Conference Call. [Operator Instructions] I will now hand over to Gili Naftalovich, Head of Investor Relations, to start the call. Gili Naftalovich: Hi, everyone, and welcome to Nebius' Second Quarter 2026 Earnings Conference Call. Joining us on the call today, we have our CEO, Arkady; our CFO, Dado, and the broader Nebius management team. Before we get started, I'll quickly cover the safe harbor. 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. Please refer to our Form 20-F for a list of our risk factors. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release. All earnings-related documents are distributed and available to the public through our Investor Relations website, which can be found at nebius.com. And now I'd like to turn the call over to Arkady. Arkady Volozh: Thanks, Gili, and welcome, everyone, to our call today. I would like to provide our investors with a better understanding of our business model. We had an excellent quarter. The demand for what we are building continues to be enormo

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