Nebius Group Reports Q1 2026 Results: Full Earnings Call Transcript

Nebius Group (NASDAQ: NBIS ) reported first-quarter financial results on Wednesday.

The transcript from the company's first-quarter earnings call has been provided below.

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The full earnings call is available at Summary Nebius Group N.V. reported a significant revenue growth of 684% year-over-year to $399 million in Q1 2026, driven by strong demand and capacity scaling.

The company has raised its 2026 CapEx guidance to $20-25 billion, up from $16-20 billion, reflecting investments in infrastructure to meet growing demand.

Nebius achieved a 45% adjusted EBITDA margin for its AI business, with expectations of around 40% for the full year due to strategic investments in capacity and technology.

The company secured a $27 billion contract with Meta, enhancing its capital position and financing capabilities, alongside a $2 billion equity investment from Nvidia.

Expansion plans include a new site in Pennsylvania to support 1.2 gigawatts of power, and strategic acquisitions such as Tavili, Aegon, and Clarify to enhance AI capabilities.

Full Transcript OPERATOR Welcome to Nebius Group's Q1 2026 earnings conference call.

The presentation will be followed by a Q and A session.

If you would like to ask a question, you can click the Ask A Question tab in the top right of the live stream player.

Then just type in your question and click Submit.

You can submit questions at any time during the presentation and the Nebius management team will try and answer them during the Q and A portion of the call.

I will now hand over to Gili Novdolovich, Head of Investor Relations to start the call.

Gili Novdolovich, Head of Investor Relations Hi everyone and welcome to Nebius' first quarter 2026 earnings conference call.

Joining us on the call today are Co-Founder and CEO Arkady and our CFO Dad Al, along with the broader Nebius Executive Management team.

Now 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 20F which is 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 which is distributed and available to the public through our investor relations website located at nebius.com.

And now I'd like to turn the call over to Arkady.

Arkady, Co-Founder and CEO Thanks Gili and welcome everyone to our call.

We have had a great start to the year.

We're building an AI native hyperscaler and I would say we're developing it across four dimensions.

The first is capacity and scale, second product and functionality.

Third dimension is customers and demand and finally capital, our fourth dimension.

All of our focus is on execution across all four of these dimensions.

Let me put our results of the quarter in this context.

First on capacity.

As you see, we are building big.

Last quarter we told you that we already contracted more than 2 gigawatt of power while targeting more than 3 gigawatt by the end of the year.