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. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more.

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. 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. 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. 5 gigawatt and we are now targeting at least 4 gigawatt of contracted power this year. 2 gigawatt of power once fully live. This is our second owned gigawatt scale site in the United States.

Our platform is most efficient when we own the full stack and we are building towards that. Our own contracted capacity now accounts for more than 75% of our total power. But more importantly, we continue to build our full stack platform and this is our second dimension. What does it mean?

It means we don't just offer compute, we offer cloud services. Services that span across the AI lifecycle from bare metal to multi-tenancy to inference to agentic and more. And we have made significant progress on that front. 5 this quarter.

Our three acquisitions this year, Tavili, Aegon and Clarify, demonstrate the uniqueness of what we're building. All three companies bring industry-leading engineers and researchers to Nebius. Aegon AI and Clarify stand on our inference optimization solution. Eagen was recognized as the number one speed inference provider by Nvidia.

While Agon optimizes at the model level, Clarify optimizes at the system level and they both strengthen our in-house token factory offering. We also acquired Tevini earlier this year, extending our platform reach to Agentix Search, an increasingly significant part of the market. This acquisition brought us recapabilities of what this new class of developers need. We also expanded our technology partnership with Nvidia.

We again achieved Nvidia Exemplar cloud status, this time on our GB 300 for training workload. We're among a small group of providers to achieve this status across multiple GPU generations. At our core, we're a technology company. We have top AI engineers and deep proprietary expertise across every layer of the stack, both hardware and software.

We're quickly becoming a magnet for top talent. We're happy with our ability to enlarge our offerings through strategic acquisitions. Our clients appreciate the full extent of our offering. This is not common in our market.

This is our strength and this is our uniqueness. We believe this is what will enable us to win. Demand is our third dimension and it continues to be increasingly strong. But more importantly, our full stack platform a