Nebius (NBIS) Q2 2026 Earnings Call Transcript

Head of Investor Relations, Gili Naftalovich, welcomed attendees to Nebius Group's Q2 2026 Earnings Conference Call. She introduced CEO Arkady Volozh, CFO Dado Alonso, and the broader Nebius management team. Naftalovich cautioned listeners that statements made during the call were forward-looking and subject to risks and uncertainties. Both GAAP and non-GAAP financial measures were to be presented, with a reconciliation included in the earnings press release.

CEO Arkady Volozh provided an overview of the company's business model and highlighted the strong demand for their products and services. Nebius builds capacity ahead of contracts and uses a multi-tenant cloud and software stack to support AI startups and enterprises. Their strategy involves choosing when, to whom, and on what terms they sell their capacity, allowing them to meet customer needs while maintaining flexibility.

Volozh outlined three types of deals: long-term midterm contracts (1-3 years), shorter-duration contracts (up to 6 months), and long-term contracts with investment-grade customers. He announced that landmark deals had been closed with Reflection, Cohere, a scaled U.S. new lab, and a large U.S.-based quant trading firm. These deals yielded an average of $20 million to $25 million per megawatt, with upfront payments covering 50% to 60% of the associated CapEx.

Volozh noted that they were not selling their entire 2027 capacity but could do so if they chose to, as they aimed to retain capacity for shorter-term needs. The shorter-duration contracts were also mentioned, with some deals reaching premium prices.

The company's future capacity pipeline was highlighted, with Nebius aiming to raise its year-end contracted power target to 5 gigawatts. Volozh expressed excitement about the company's future prospects, citing successful capacity auctions, innovative go-to-market strategies, and asset-light partnership models that could unlock new capacity in 2027 and beyond. CFO Dado Alonso concluded the call, taking over from Volozh.