Nebius Group N.V. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter & Full-Year Performance Highlights

  • Q4 2025 revenue reached $228 million, up 547% year over year and 56% quarter over quarter (compared to Q3 2025).
  • Annualized run-rate revenue (ARR) ended 2025 at $1.2 billion, exceeding prior guidance (high end was $1.1 billion).
  • Core AI cloud revenue grew 830% year over year and 63% quarter over quarter.
  • Adjusted EBITDA turned positive at the group level; AI cloud EBITDA margin expanded from 19% in Q3 to 24% in Q4.
  • Q4 operating cash flow reached $834 million, boosted by upfront payments from long-term agreements.
  • Nebius ended 2025 with $3 billion in cash and equivalents.

Key Business & Market Developments

  • Capacity fully sold out in Q3 and Q4 2025; 2026 capacity already sold out as well.
  • Average contract duration of new cloud customers grew 50% year over year.
  • Nine new global data centers announced; management expects rapid expansion into 2026–2027.
  • Power secured exceeded 2 gigawatts as of February 2026, on track for 3+ gigawatts by year-end.
  • Major customer deployments:
    • Meta: full contracted capacity delivered by early February 2026.
    • Microsoft: first tranche delivered on time; remaining tranches arrive throughout 2026, mostly in H2.
  • Acquired Tavily, bringing agentic search capabilities and ~700,000 developers to the Nebius platform.

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Operator: Welcome to Nebius Group N.V.'s Q4 2025 Earnings Conference Call. The presentation will be followed by a Q&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 Group N.V. management team will try and answer as many questions as they can during the Q&A portion of the call. I will now hand over to Neil Doshi, VP, Head of Investor Relations, to start the call. Neil Doshi: Thank you, and welcome to Nebius Group N.V.'s fourth quarter 2025 earnings conference call. My name is Neil Doshi, Vice President of Investor Relations. Joining me today are Arkady Volozh, Founder and CEO, and our broader management team. Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as a result of various factors, including those set in today's earnings press release and in our Annual Report on Form 20-F filed with the SEC. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and shareholder letter are available on our website at nebius.com. I will now turn the call over to Arkady Volozh. Than

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